Oil prices spiked the moment the futures market opened. No idea where this will go as a result of the US Sneak-Attacking Iran last night.
Whether the Strait of Hormuz remains open - despite the Iran Parliament voting to CLOSE IT, is yet unknown. Brief closure earlier today, seems to have been canceled. No one is really sure right now.
If the Strait gets closed, experts say the price for a barrel of oil will go from it's present $75 dollar price, upward of between $200 to $300 per barrel.
That translates into gasoline at the pump around $10 a gallon.
None of us can afford that; it would cripple the entire economy.
UPDATE 8:16 PM EDT --
Diesel futures gained as much as 7.8% (so far tonight) to hit the highest price since July 2024, outpacing the move in crude.
Gaoline gained 4.1% so far tonight.
