The war that erupted over the weekend between Israel and Hamas caused oil prices to spike Monday, but market analysts say the increase is likely temporary unless a broader Middle East conflict breaks out among major oil-producing nations.
WTI crude, the U.S. benchmark, was up roughly 4.5% to around $86.50 per barrel as of Monday afternoon. Brent crude, the global benchmark, was up just over 4% to $88 per barrel.
Longtime oil and energy markets strategist Dan Dicker predicted the price spike was most likely a “knee-jerk reaction” from the immediate fear and uncertainty of the fighting, and that prices will soon subside and continue trending lower. An annual drop in demand during colder winter months typically causes prices to decrease.
The national average for a gallon of regular gas was $3.70 as of Monday, down from $3.82 one month ago. Prices are expected to continue decreasing going into winter.
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