Crude oil prices have surged by 40 percent since the start of the combined U.S. and Israeli airstrikes began on Feb. 28, reaching their highest levels since 2022. Iran has nearly halted traffic through the Strait of Hormuz, where a fifth of the world’s oil typically arrives from the Persian Gulf to customers worldwide. This disruption could make $5-a-gallon gas commonplace if oil costs reach $150 a barrel. The national average for regular unleaded gasoline jumped about 7 cents overnight to $3.79, according to AAA. The move is part of a 400-mrel release by the International Energy Agency to stabilize global energy markets. The conflict is also affecting the price of diesel, affecting freight transportation, agriculture, and manufacturing industries.