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Oil prices are tumbling on news of an Israel-Iran cease-fire agreement. Oil prices were already falling after Iran launched strikes on a US airbase in Qatar.

Home Personal Finance Spending How Much Will Gas Prices Go Up After Iran Conflict? Oil prices jumped after the US strikes on Iran. Should drivers expect prices at the pump to jump, too?

U.S. and global oil benchmark prices opened up 4% Sunday evening, underscoring the concerns about what the conflict means for the world’s oil supplies.

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Prices have spiked in recent weeks for crude oil, as well as fuels like gasoline at pumps, and although tensions in the Middle East are a big factor, there is more to the equation.

Oil prices surged as Iran and Israel exchanged strikes on key energy infrastructure this weekend, raising fears of broader disruption.