Oil prices climbed this week as tensions in the Middle East escalated, raising the possibility of a disruption to the flow of oil from the region. A jump in oil prices automatically spurs fear of a spike in gas prices, but experts see reasons that may not happen. Here's a look at the current situation and the outlook for oil and gas prices:
Familiar tensions, different times
Oil prices rose than $6 per barrel this week and prices at the pump moved higher as well. The average price for a gallon of gas rose 5 cents from last week. Any major escalation of tensions in the Middle East conjures up memories of the oil embargo that followed the start of the Yom Kippur war in 1973, which quadrupled oil prices.
However, the global supply of oil has been altered radically since the 1970s, with the US becoming the world's largest oil producer. Months of war between Israel and Hamas and Hezbollah, did little to boost prices for OPEC+ group. Only the possibility of a direct confrontation between Israel and Iran moved the needle.
Gasoline prices are up, but cheaper than last year
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