An Israeli military strike against Iranian nuclear enrichment sites would spike gas prices to between $5 and $6 per gallon, according to market analysts.

This would be well beyond the record highs hit in 2008, when nationwide average retail prices hit $4.11 per gallon, analysts say.

“I think you will see $5- and $6-a-gallon gas,” said Andrew Lipow, president of Lipow Oil Associates.
Other analysts agreed that airstrikes would cause a spike in global crude oil prices, and a corresponding jump in U.S. gasoline prices that are currently averaging $3.82 per gallon. But some declined to predict how large that spike would be.

The pain at the pump has created election-year political jeopardy for President Obama, who on Thursday was set to offer his fourth recent speech on his administration’s energy policies. Congressional Republicans and Obama’s rivals in the GOP presidential primary have sought to pin blame for the rising prices on Obama’s policies.

All of the analysts questioned by The Hill said there are a number of variables, such as whether Iran seeks to block or attack tankers in the Strait of Hormuz, a key shipping lane for Middle Eastern oil supplies.

Other fallout could include major supply disruptions from Iran as a result of military action, including damage to Iran’s oil and related infrastructure that hinders exports.

“You would almost inevitably see some disruption, even if it is only a few days in terms of export capability,” said Suzanne Maloney, an Iran expert with the Brookings Institution.

Israel has not ruled out airstrikes to set back Iran’s nuclear program, which Western powers argue is geared toward weapons production while Iranian officials insist it is for peaceful purposes.

Obama and his administration have sought to get Israel to wait and allow time for economic sanctions to punish Iran. But Obama also has not ruled out any options for preventing Iran from gaining nuclear weapons.

READ MORE: THE HILL