Uncertainty over crude oil prices amid Middle East turmoil
PITTSBURGH (KDKA) - The war in the Middle East is taking its toll on oil prices.
There are concerns here in the United States that prices at the gas pump could soar as the war between Israel and Hamas is impacting crude oil prices and rattling global stocks.
Oil prices reportedly eased into Tuesday morning.
While traders remain cautious as they watch for possible supply disruptions amid the clashes.
Brent Crude, the worldwide oil benchmark, fell 56 cents to nearly $88 a barrel. U.S. West Texas Intermediate crude eased 56 cents as well to nearly $86 a barrel.
Just yesterday, both benchmarks surged more than 4%, rising by more than $3.50 as fears over the escalating conflict overseas could spread beyond Gaza.
"If the theater of war gets expanded from Israel and Gaza to other parts of the Middle East, you could see some real, real impact," said Tom Kloza, global head of energy analysis at Oil Price Information Service.
Analysts say the impact isn't going to trickle down to consumers right away, and more relief for drivers is actually on the way.
The average price for a gallon of regular gas is $3.68.
The conflict comes as gas prices in the U.S. Are falling, as demand drops off, and the industry uses cheaper winter blends to sell to consumers.
