Oil futures top $108, gas prices climb as conflict impacts US economy

(The Center Square) – As the U.S.-Israeli-Iran conflict continues, the price of gas at the pump in the U.S. is skyrocketing and President Donald Trump said it was a “small price” for Americans to pay. This was as the seventh U.S. service member was confirmed killed so far in the conflict. On Sunday night, crude oil on the U.S. domestic West Texas Index hit $108 a barrel and continued to climb. The $100 a barrel benchmark is viewed by Wall Street “as a breaking point for the economy unless the war is resolved quickly and prices retreat,” CNBC reported. JPMorgan Chase has projected crude could hit $120 per barrel on the international Brent Index. Oil futures and wholesale prices for gas and diesel fuel are driving up costs at the pump in the U.S., including in the oil and natural gas capital of Texas in Houston, Heywood Cooper with Houston-based Argos Minerals told The Center Square. This is due to several factors, including