Oil prices rise as concerns of a wider conflict in the Middle East grow, analysts say.
Oil prices jumped on the back of fighting in the Middle East between Israel and Hamas, a reaction that could have implications for the cost of gas at the pump.West Texas Intermediate, which tracks oil that comes from American sources, was up more than 4 percent as of 11:02 a.m ET from Friday, according to Bloomberg data. Brent crude, a benchmark for global oil prices, jumped nearly 4 percent.
Some analysts said on Monday that if Iran is sucked into the conflict, and is hit with new sanctions that curtail even further its oil exports, prices could hike, hitting the cost of gas as a result.Americans have been struggling with a high cost of living, principally due to high inflation. A jump in oil prices and its subsequent impact on the cost of gas would squeeze their pocketbooks further.
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