The projected increase would come after fuel costs had already edged higher this year on concerns about flaring tensions between the U.S. and Iran. On Monday, gas prices averaged about $3 per gallon across the U.S., about 20 cents higher than at the start of January, according to data from AAA.

The workhorse of the fuel world was climbing on Monday following a drone strike on a major Saudi refinery.

JPMorgan Chase warns that Brent crude oil prices could spike to $120 per barrel due to a sustained disruption of oil flows through the Strait of Hormuz following recent US and Israeli military action against Iran.

The military strikes in Iran pushed crude oil prices higher right away on Monday. And word from U.S. leaders that those actions would continue for at least a few weeks only added to the price uncertainty.

Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles.

President Donald Trump’s decision to topple the Iranian regime is threatening to torch an oil market his administration has been at pains to keep cool since he returned to office.