The uncertainty of whether Iran will respond has caused some volatility in global financial markets, though most rebounded slightly by midday Monday.
The uncertainty of whether Iran will respond has caused some volatility in global financial markets, though most were able to rebound slightly by midday Monday following steeper tumbles on Friday.Meanwhile, all eyes are on oil and gold prices, which saw the spikes in the wake of the news. Here are what analysts and experts are watching as the turmoil in the Middle East impacts the prices of oil and gold.
Iran partially houses one of the world's most important oil chokepoints, the Strait of Hormuz, which is located between Oman and Iran. Approximately 21 million barrels of oil per day, or 21% of global petroleum consumption, flow through the strait everyday, according to the U.S. Energy Information Administration.The sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain.
If things stay as they are, DeHaan predicts we will see"a modest increase of a few cents per gallon over the next few weeks" and"the national average could rise maybe as much as 10 cents from this point."MORE: Iranian authorities appoint replacement, vow retaliation for killing of General Soleimani The average gasoline price in the U.S. held steady Monday at $2.58 per gallon, the same price as a week ago, according to the American Automobile Association.
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