Global oil prices jump as Middle East conflict raises fears over key shipping route

RALEIGH, N.C. (WTVD) -- A deadly and fast moving conflict in the Middle East is sending shockwaves through the global economy, and American consumers are already feeling it at the pump.

Oil futures surged in the first trades since the Iran attacks over the weekend as uncertainty grows over the stability of the Strait of Hormuz, a critical passageway for global oil shipments. How high prices climb largely depends on whether the conflict disrupts the vital shipping corridor.

U.S. crude jumped about $8 a barrel - roughly 12% - rising to around $75 in early trading. Analysts warn gasoline prices could rise more than 25 cents per gallon as the situation unfolds. According to GasBuddy, North Carolina's statewide average currently sits at $2.76 per gallon, compared to $2.74 this time last year.

Experts say drivers could see a $2 to $5 increase per fill up in the coming days and weeks as volatility ripples through the energy market.

Patrick De Haan of GasBuddy said wholesale gasoline, diesel and jet fuel prices are all spiking.

"The wholesale price of gasoline is also taking a pretty big jump along with diesel and jet fuel - just about everything that comes out of oil - seeing a big jump in price as a result of the attacks and the instability, especially uncertainty with the Strait of Hormuz. Insurers and shippers are dropping anchor, avoiding the Strait of Hormuz because of the uncertainty," De Haan said.

Along South Saunders Street in Raleigh, prices Monday morning varied widely - from $2.48 to $2.98 per gallon - reflecting the growing volatility.