Today's Article

"Oil prices last Friday jumped 8%."

Patrick De Haan with GasBuddy says any time there's a conflict in the Middle East, it creates uncertainty and 3disrupts global energy markets.

"The 4knee-jerk reaction for the market is oil prices jump."

De Haan says the national average for a gallon of regular gas could go up between 10 to 25 cents over the next few weeks.

As of Wednesday, the national average for a regular gallon of gas was $3.19. That's up 7 cents from last week, according to AAA.

Prices could go up even more if Iran 5retaliates by targeting the Strait of Hormuz.

It's a critical 6waterway separating the Persian Gulf from global oceans.

7Roughly 21 million 8barrels of oil are transported through the 9Strait of Hormuz every day.

"That is about 20% of what's 10consumed globally. So a 11blockade or military activity in the Strait of Hormuz could be extremely problematic for the price of oil."

Here's another concern.

De Haan says the price of diesel could increase as much as 40 cents over the next two weeks.

And when diesel prices rise, experts say consumers could see prices across the board go up because it costs companies more to transport goods.

"If this situation continues to 12spiral out of control, you could see businesses that rely on things like 13crude oil, diesel, jet fuel and gasoline start to 14incur a much more increased cost, and that could eventually filter down to motorists."

The good news is De Haan does not think gas prices will rise as much as they did last summer.