Oil prices surge, concerns grow over gas and goods prices after threat to blockade Iranian ports

RALEIGH, N.C. (WTVD) -- Consumers are feeling the pain from having to squeeze their household budgets.

Oil prices climbing back above $100 a barrel are expected to be felt by consumers at the gas pump and across the broader economy.

Oil prices jumped roughly 8 percent overnight, sending what analysts describe as shockwaves through the economy.

According to ABC News, gas prices are likely to climb higher this week after five straight days of declines.

Diesel fuel - which powers trucks and much of the shipping industry - is now selling for $5.61 a gallon, just 20 cents shy of a record high.

Higher diesel costs can make shipping more expensive, driving up prices for groceries, packages and other everyday goods. Air travel could also become more costly.

Tamara Scott with ABC11 spoke with Steve Allen, an economist at North Carolina State University, who said consumers should be prepared for higher prices in the months ahead.

"My advice would be if you're planning your summer vacation, don't expect the price of gas to get below four dollars a gallon," Allen said. "It affects fertilizer, it affects aluminum more than petroleum and so you're going to see an impact in other dimensions of the economy as well."

Allen said it is still difficult to determine how long the price increases will last or how much long-term strain they could place on family budgets, but he suggested consumers begin looking for ways to save now.