SIOUX FALLS, S.D. (KELO)– On Thursday, oil prices shot to their highest price since May as increased fighting in the Middle East threatens to slow the flow of crude around the world. It was just a few weeks ago that oil had dropped below $72 per barrel on hopes that the Strait of Hormuz would fully reopen to oil tankers. That’s roughly back to where it was before the United States and Israel attacked Iran.
However, the conflict has heated up again, and not only is it impacting the Strait of Hormuz; now it appears Houthi Rebels, backed by Iran, are attacking oil tankers in the Red Sea. Oil prices jumped to more than $100 a barrel today.
Shawn Steward with Triple AAA says that it will have an impact on gas prices here in KELOLAND.
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“For now, just get used to instability and fluctuations at the gas pumps until we get some resolution on some of these conflicts globally. Then there is probably going to be a lot of uncertainty continuing on those global crude oil prices and thus what we see at the gas price…