The price of gasoline in Texas and the US will be going up as a result of political and military uncertainties in the Middle East, analysts say.
Oil and natural gas markets are open in Asia for Monday and the price of the benchmark price of oil, Brent Crude, is up almost 10-percent, which could translate into a rise in the price of gas at the pump in Texas of 10-cents or more per gallon.
Markets, analysts and banks don't like uncertainty and the us-Israeli attacks on Iran have made for very uncertain conditions in an area that is very sensitive to the price of petroleum because so much of it is produced, refined and sent from there.
One of the biggest oil shipment lanes in the world is just off the coast of Iran, where planes from several nations have been flying back and forth, causing worry among oil companies and most of all insurance companies, which are weighing the risks and the potential cost of any possible accidents or miscommunications that could lead to deadly accidents or disasters.
The Strait of Hormuz, the thin waterway passage used by Kuwait, Saudi Arabia and other US allies in the region, is a center of concern because its closure could be catastrophic for world oil markets.
It's seen by many analysts as unlikely that Iran would close the Strait since that would punish China, one of Iran's biggest allies, which depends on oil shipments from the area.