Oil prices are expected to remain elevated in the near term as traders weigh ​the risk of supply disruptions through the ‌Strait of Hormuz, a chokepoint for more than 20% of global oil supply, amid the widening Middle East ​conflict.

The price of crude oil rose to $80 a barrel and the price of natural gas jumped 30% after Iran effectively sealed off the strategic Strait of Hormuz.

Oil prices settled unchanged on Wednesday at the end of a volatile trading session, as escalating U.S. and ​Israeli strikes against Iran widened regional tensions and paralysed shipping through the Strait of Hormuz for a fifth day,

The conflict in Iran is increasing gas prices exponentially, worrying people at the pump.

A sell-off for stocks is slamming into Wall Street Tuesday after wrapping around the world, as oil prices leap even higher with worries that the widening war with Iran may do more sustained damage

Unlike past flare-ups, the current escalation of conflict in the Middle East has already triggered concrete disruptions in shipping and insurance markets, tightening flows even before any confirmed physical damage to major oil infrastructure.

If you've noticed higher prices at the pump, you're not alone: the conflict in Iran is causing gas prices across the U.S. to skyrocket. Here's why. (AP Photo)

US equities joined a global equity rout Tuesday due to surging oil prices, but cut their losses after President Donald Trump announced steps to safeguard commerce in the Strait of