Oil prices rise after attacks in Middle East, how Oklahoma could be impacted

OKLAHOMA CITY ( KFOR ) — Oil prices rose sharply Monday after the U.S. and Israeli strikes on Iran, killing its supreme leader.

The conflict is sending uncertainty through global energy markets, and what happens next could directly impact prices here in Oklahoma.

"Iran itself is producing quite a bit, you know, four or 5% of the oil production," said Runar Nygaard, professor, director, and Eberly Family Chair, Mewbourne School of Petroleum and Geological Engineering, The University of Oklahoma.

Nygaard says the concern isn't Iran's oil production, but the control Iran has on exports.

 Iranians in Oklahoma reacting to strikes in Iran 

Iran sits along the Strait of Hormuz, which is one of the world's most critical energy choke points.

"We're producing, you know, about 100 million barrels of liquids and different forms every day, and about 20% of it is being transported across that strait," said Nygaard.

If exports are disrupted, then global supply drops, and the price per barrel of oil will rise.

"They can move quite up there in the over the $100 of that range, you know, it's very hard to predict that situation," said Nygaard.

Nygaard says that means higher prices at the pump. A good rule of thumb, for every $10 bump in crude oil prices, you can expect to see about a 25-cent increase in gas prices.

"I think if we see the Strait of Hormuz being closed, yeah, we can easily see a swing of more than $50, and that will, you know, easily get a dollar to a dollar and a half with our gas prices," said Nygaard.

The average price for gas in Oklahoma right now is $2.48, according to AAA.

"For Oklahoma, we're one of the most fortunate in the country when it comes to gas prices," said Nygaard.

The national average is already almost pushing $3.00 a gallon.

But for many Oklahoma drivers, they say any increase would be felt.

"We got to move around; we got to go to work, you know, we got to do things in our lives, so, you know, yeah, it will bring a lot of stress upon us," said Eric Slaughter, an Oklahoma driver.

While there are concerns among Oklahomans, Nygaard says the U.S. is in a better position compared to other countries.

"In the U.S., with a high oil and gas production, we have ourselves and the reserves that we have, we probably are the one that will feel it the least," said Nygaard.

Nygaard says natural gas prices will also be affected; however, the U.S. won't feel it because we have so much production, but other countries like Europe will, who's already seen a 45% surge.

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