Analysts say oil and gas prices can be affected if the war expands beyond its borders.
And we want to give you a look at the latest gas prices in Texas right now. This is the statewide average for a gallon as of just three hours ago, according to AAA $2.65 which is down two cents over the last week.
A gas buddy projected that we would be paying less for gas in 2024. But this morning, the Israel Hamas war sparking some new concerns about oil prices and shipping here as well. That’s because this war with Hamas is starting to reach beyond the borders of Israel.
A US official says the country is behind the assassination of Hamas deputy leader Saleh Al Ai in Lebanon. And analysts worry that if this conflict spreads and becomes regional, it definitely could impact oil prices worldwide. Meanwhile, Iran is stationing a naval vessel in the Red Sea that vital trade route.
If oil tankers cannot get through that Red Sea, they may have to take the longer more expensive journey to their destination which could increase the cost of oil and thereby drive up prices at the pump. Now, because of those concerns in the Red Sea, a major shipping company just announced it will
Pause transit in that area until further notice. Now that would slow commercial shipping worldwide.