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IPFS News Link • Foreign Policy

Fear of war drives gas prices up

• RT

Tensions between America and Iran have yielded global concern, the deployment of thousands of US troops and bickering from foreign policy experts around the world.

The latest result of the worsening relationships is something a bit more crude, though.

As Iran and America come closer to war, oil prices for US consumers have skyrocketed over fear that exports will seize overseas. Oil prices in America reached a nine-month high this week with the cost of a barrel clocking in at over $106 a piece. Financial speculation over how sanctions on Iran or a blockade of exports initiated by either party could disrupt oil delivery to the States in largely to blame for the increase. That reasoning can barely be rationalized, however, given that the US relies little on Persian Gulf oil domestically.

"People are just scared about Iran," independent analyst and trader Stephen Schork tells the Associated Press. "They're concerned about supply."