Crude oil prices surged above $100 per barrel in early futures trading Sunday, after Middle Eastern producers cut output while the Strait of Hormuz remains closed amid the escalating Iran conflict. The strategic waterway normally carries about 20% of the world’s oil supply, disrupting global energy markets.

Experts in the gasoline industry told The South Jersey Press that the spike in crude prices could soon push the average price of gasoline above $3.50 per gallon, with the potential for further increases if the conflict continues.

At the start of the year, on January 1st, the average price of gasoline in New Jersey was $2.82 per gallon, sitting at an average of $3.32 per gallon today according to Gas Buddy.