President Donald Trump dismissed higher gas prices as a “very small price to pay” as analysts warned that disruptions from the war in the Middle East could escalate.

The Strategic Petroleum Reserve is designed to cushion disruptions to U.S. oil supplies during emergencies.

Anyone who drives knows all too well the local impacts of crude oil prices that have skyrocketed following the strikes on Iran by the U.S. and Israel, and the stalling of tanker traffic through the Strait of Hormuz.

The Iran war has upended oil production and shipping across the Middle East, straining energy supplies worldwide. And crude prices swung wildly Monday.

President Donald Trump dismissed concerns about soaring oil prices, saying it was only a short-term issue and a “small price to pay” for the destruction of Iran’s “nuclear threat.”

Drivers just got hit with a 50-cent gas price surge. Here's what's behind it.

The U.S. plans to offer tanker and cargo insurance in a scramble to get exports moving—and ease prices.

Australian drivers are facing another hit at the pump, with petrol prices set to rise sharply. The recent surge in global oil prices has caused fears of a 36-cent per litre increase in fuel prices. Experts are warning that this could be just the start as tensions in the Middle East push oil to its highest levels in nearly four decades.