Oil prices surge to 18-month high as Middle East conflict escalates. Here’s what it means for your gas prices

Geopolitical risk in the Gulf spooks markets, pushing the global benchmark close to $85 and squeezing consumer wallets.

[Images: Adobe Stock]

Oil prices are on the rise, hitting an 18-month high as of Tuesday as the conflict between the United States, Israel, and Iran continues. 

The war against Iran, which started in earnest over the past weekend, has disrupted oil and gas shipments in the Middle East, constricting supply, and with no clear timetable as to when the war could end (or if there’s a plan for a drawdown), markets are spooked about the potential for a prolonged conflict and market hiccups. Specifically, concerns about shipments getting through the Strait of Hormuz—a busy shipping lane for fossil fuel-carrying tankers—have been effectively stopped, and no one knows with any certainty as........

© Fast Company