US-Iran Tensions Could Boost Gas Prices

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The latest tensions between Iran and the United States could soon have an impact at the gas pump.
    
Oil prices jumped 4 percent Tuesday.
    
The rise came after Tehran threatened military action against a U.S. warship if it returns to the Strait of Hormuz, the key waterway used for oil shipments.

"Current global economic activity and oil market fundamentals do not justify today's elevated price levels," said energy analyst Richard Soultanian with NUS Consulting.

However, "it's clear that the (Iran) situation will not resolve itself quickly and markets will be driven largely by headline risk and not fundamentals for the foreseeable future," he added.
     
Analysts believe oil prices could keep going up as long as the tension between the two countries remains.

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