A new conflict in the Middle East looks like it will have an adverse effect on gas prices here in the U.S. That’s according to Ancora Managing Director David Sowerby.
“With the latest conflict between Israel and Iran, oil prices were up about $10 a barrel last Friday,” Sowerby said. “That equates to about 35 to 40 cents correlated to retail gas prices. So that would likely mean a bump from $3.10 to maybe $3.50 here in the short order.”
Sowerby says all eyes will be on the Federal Reserve and chairman Jerome Powell this week. He’s expecting interests rates will remain unchanged.
