Oil prices rose over $3 per barrel Sunday in the first major trading since President Trump's threat to strike Iran's main oil export hub unless the regime allows tankers through the Strait of Hormuz. Why it matters: The climb shortly after the markets' opening signals that traders see no major near-term market loosening or end to a conflict that has brought an unprecedented throttling of oil flows. U.S. gasoline, diesel and home fuel oil prices are slated to see continued increases. Driving the news: The global benchmark Brent crude jumped to over $106 per barrel, over $3 above Friday's close. It's up 46% since the U.S. strikes began. Average U.S. regular gasoline prices are $3.70 per gallon on Sunday, up roughly 70 cents during the war, per AAA. Friction point: Trump said Friday that the U.S. hit military targets on Iran's Kharg Island, the origin point for almost all Iranian oil exports. He said on social media that the attacks intentionally avoided oil infrastructure. But Trump added that if Iran interferes with "free and safe passage of ships," he would "immediately reconsider this decision." Catch up quick: U.S. officials have been seeking to ease the crunch, though analysts say what has been proposed amounts to Band-Aids until there's safe passage through the strait. It handles about a fifth of global oil flows. The Treasury Department last week announced a broad, but temporary, waiver of sanctions on Russian oil currently in tankers. Also last week, the Energy Department announced plans to release 172 million barrels of crude from the Strategic Petroleum Reserve over a roughly 120-day span. It's part of a wider , 400-million-barrel release of crude and petroleum products from multiple nations coordinated through the International Energy Agency. What they're saying: Energy Secretary Chris Wright, appearing on Sunday talk shows, predicted the conflict would end within several weeks. "We'll see a rebound in supplies, and a pushing down of prices after that," Wright said on ABC's "This Week." But Wright cautioned that there are "no guarantees in wars." And he acknowledged the possibility of consumer prices getting significantly higher. "We had $5 gasoline in the middle of the Biden administration," he said. "We hope we don't get there this time, but at least this increase in gasoline prices is for something that's going to change the geopolitical situation in the world forever." What we're watching: Plans for U.S. military escorts of tankers, perhaps with other nations. Trump and other U.S officials said in recent days that this could occur soon, but haven't given a precise timeframe. The Wall Street Journal, citing anonymous U.S. officials, reported Sunday that multiple countries could unveil a coalition effort this week. "They are still discussing, however, whether those operations would begin before or after hostilities end," the paper reported. The White House didn't immediately provide comment.