Oil prices are on the rise following attacks on two oil facilities in Saudi Arabia, and experts are warning that gas prices will soon follow suit in the Chicago area.
The attacks on two facilities over the weekend are stoking fear of rising gas prices in the United States, and markets are amplifying that fear as oil prices closed at a six-month high on Monday.
“It’s been a tough day,” Patrick DeHaan, head of petroleum analysis for Gas Buddy, said. “Prices are all over the place.”
DeHaan said that the increase in oil prices is one of the single largest-day increases the market has seen since the Persian Gulf War, and will translate to higher gas prices across the country.
“Prices could stand 15 to 30 cents a gallon higher than they were today, and this is going into a time of year when prices are usually going down,” he said.
President Donald Trump and his administration say they are prepared to retaliate against Iran for the attacks, but the Iranian government has disavowed responsibility for the attack. Rebels in Yemen
Trump’s administration has authorized the release of oil from the U.S. Strategic Petroleum Reserve, if needed, for the first time in eight years in an effort to ensure an uninterrupted supply of crude oil.
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In the meantime, analysts aren’t sure how long prices will remain elevated after the attack. AAA says gas prices in Chicago are holding steady on Monday at $3.09 a gallon.
