Impending Consequences of the Iran War Raise Alarm Among Experts

WHO:

Institute for the Study of War - Iranian officials, including President Masoud Pezeshkian, Foreign Minister Abbas Araghchi, and Parliament Speaker Mohammad Bagher Ghalibaf.

The Independent - Patrick DeHaan (petroleum analyst for GasBuddy), Shon Hiatt (director of the University of Southern California’s Zage Business of Energy Initiative), Bob McNally (former energy adviser), Ben Cahill (director of energy markets and policy at the University of Texas at Austin).

WHAT:

Institute for the Study of War - Iran rejected a US ceasefire proposal on July 23, indicating a belief in its advantage over the United States in the ongoing war.

The Independent - The national average price for a gallon of gas is almost $4.11, up nearly $1 from $3.16 a year ago. Diesel is selling at an average of $5.24 a gallon, up 40 percent from $3.74 over the same period.

The Independent - West Texas Intermediate crude oil futures were trading above $89 a barrel, down from an opening price of $92.56 but up from $69.23 a month ago.

WHERE:

Institute for the Study of War - US bases in Bahrain, Jordan, Qatar, and Kuwait were targeted by Iranian drone attacks.

The Independent - The Strait of Hormuz, a critical maritime route for oil supplies, and the Red Sea, where Houthi rebels threatened Saudi oil tankers.

WHEN:

Institute for the Study of War - The US strike campaign against Iranian military targets occurred on July 23 and 24.

The Independent - The war launched by Trump against Iran began on February 28.

WHY:

Institute for the Study of War - Iran aims to inflict US casualties to pressure the US government to halt its airstrike campaign.

The Independent - Experts suggest that the ongoing war has disrupted tanker traffic and is expected to lead to rising gas prices.

HOW:

Institute for the Study of War - Iran is conducting drone attacks targeting US forces at various bases to achieve military objectives.

The Independent - Oil prices are influenced by market psychology and disruptions in oil supply due to the conflict.

(UPDATED July 25, 2026 05:52 UTC)

Iran has rejected a US ceasefire proposal, believing it holds an advantage in the ongoing war, which began on February 28 under Trump’s administration. Meanwhile, the national average price for a gallon of gas has risen to almost $4.11, reflecting a significant increase from $3.16 a year ago, while diesel prices have surged to an average of $5.24. In related developments, US bases in Bahrain, Jordan, Qatar, and Kuwait have been targeted by Iranian drone attacks, as the conflict continues to disrupt oil supply and impact market prices.