Israel-Iran conflict expected to hike US gas prices, experts say. Here's how much.

Oil prices soared on Friday as Israel and Iran exchanged attacks, making it all but certain that gasoline prices would rise for U.S. drivers within days, industry analysts told ABC News.

The back-and-forth strikes stoked concern among investors about a possible wider conflict across the Middle East, which accounts for a large share of global oil production.

The U.S. West Texas Intermediate futures price -- a key measure of U.S. oil prices -- surged more than 8% on Friday. Brent crude future prices, another top measure of oil prices, also climbed more than 8%.

The jump in oil prices threatens to raise the price of gasoline for U.S. drivers, since crude oil makes up the top ingredient in car fuel.

If oil prices remain at elevated levels, gas prices will likely rise modestly over the coming weeks, experts said. A much more severe price spike could result, however, in the event of an escalation that damages Iranian oil infrastructure or ensnares nearby oil-shipping routes, they added.

Gas prices "will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X.

A typical gallon of gas could tick up between 10 and 25 cents, de Haan added. The average price of a gallon of gas currently stands at $3.13, AAA data shows. The price increase anticipated by de Haan would amount to a hike of up to nearly 8%.

Such a price increase could prove short-lived, Richard Joswick, head of near-term oil analysis at S&P Global Commodity Insights, said on Friday in a note to investors.

Joswick pointed to tit-for-tat Israeli and Iranian strikes last October, which spiked oil prices before a cooldown when both sides opted against escalation.

"When Iran-Israel exchanged attacks last time, prices spiked, then fell once clear, not escalating and had no impact on oil supply," Joswick said.

Iran launched dozens of ballistic missiles toward Israel on Friday night in retaliation for Israel's surprise attack early Friday.

Israel struck at the heart of Iran's nuclear program, killing several nuclear scientists as well as high-ranking military leaders, according to Israeli officials.

A further escalation of the conflict between Israel and Iran could send oil and gas prices significantly higher, said Ramanan Krishnamoorti, a professor of petroleum engineering at the University of Houston.

While sanctions have constrained Iranian oil output in recent years, the nation accounts for about 3% of global oil output, Krishnamoorti said. Iran also asserts control over the passage of tankers through the Strait of Hormuz, a trading route that facilitates the transport of about 20% of global oil supply.

Oil prices could surge from a current level of about $73 per barrel up to $120 per barrel if the Israel-Iran conflict damages Iranian oil infrastructure or impedes the passage of some oil tankers in the Strait of Hormuz, Krishnamoorti said.

That scenario would amount to a more than 60% surge in oil prices, Krishnamoorti added, resulting in a proportionate hike for gas prices. The average price of a gallon of gas would climb from $3.13 to $5.13.

"If we see any throttling back of the Strait of Hormuz, we'll see a massive increase in the price of oil, and that will impact everything in the U.S.," Krishnamoorti said.

That forecast of a potential price spike for oil matched a prediction from asset management firm Lazard, which warned on Friday of a possible escalation involving "strikes on Gulf energy installations or attempts to temporarily close the Strait of Hormuz. "Such a scenario would trigger "price increases upwards of $120 per barrel," Lazard said in a memo to investors.

The ultimate outcome remains unclear, Krishnamoorti said, noting the scale of price increases would depend on the extent of escalation.

"We may have just seen the tip of the iceberg in terms of price hikes," Krishnamoorti said.

But, he added: "If oil prices continue at this level, it'll be a small bump for gasoline."

ABC News' Riley Hoffman, Leah Sarnoff, Jack Moore, Jon Haworth, and Nadine El-Bawab contributed to this report.