The rise in oil prices could get much worse if the situation in the Middle East does not improve soon.
As of early morning today in the US, US oil prices rose by 9.2% - on track for the biggest one-day increase since May 2020, writes CNN, reports Express.
The price of crude oil rose to $77.98 a barrel today, the highest intraday level since the US and Israeli attacks on Iranian nuclear facilities in June.
"We still have a ways to go," Bob McNally, president of Rapidan Energy Group, told CNN.
Oil traders are growing increasingly nervous that ships have effectively been blocked from passing through the Strait of Hormuz, the world's most critical oil chokepoint.
If the Strait of Hormuz is not opened "soon," McNally said oil prices are likely to go to $100 a barrel and above.
McNally warned that gasoline prices, which rose today to their highest level since Hurricane Katrina in 2005, could rise from $3.11 per gallon nationally now to $4 per gallon.
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