Oil Prices Surge After Middle East Attacks

0:00On March 19th, oil prices are surging worldwide after attacks on key energy sites in the Middle East. Brent Crude, the global benchmark, jumped past $118 a barrel, up nearly 10% from Wednesday's close. West Texas Intermediate, the U.S. marker, also rose to about $96 a barrel. Reports point to strikes on the South Park's gasfield, shared by Iran and Qatar, which both blame Israeli forces. Qatar then said its huge Roslophone energy hub took heavy damage from what it called Iranian missiles. Meanwhile, shipping through the strait of Hormuz has ground to a halt over worries about tanker attacks. Consumers are feeling the pinch right away. In the United States, average gasoline prices hit $3.88 a gallon on Thursday, a 30% jump since the fighting started. Diesel climbed even more to $5.10 per gallon, up 36%. The Trump administration responded by temporarily suspending the Jones Act, which limits shipping between U.S. ports to help move fuel faster.

1:06But experts in shipping and analysis say it won't bring prices down much anytime soon. As threats linger to major supply lines, fuel costs should stay high and swing with the ups and downs of world energy markets.