Analysts say U.S. gas prices could surge past $3 a gallon if strikes on Iran disrupt global oil supplies, especially through the Strait of Hormuz.

The OPEC+ group of oil producers agreed on Sunday (Mar 1) to raise output by 206,000 barrels per day from April, representing less than 0.2 per cent of global demand.

LONDON, March 1 : Brent crude jumped 10 per cent to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war."While the military attacks are themselves support

It threatens to pile more pressure on household budgets with higher crude costs pushing up petrol costs and stoking inflation, making it harder to lower interest rates for borrowers.