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Oil prices jump to highest level since 2014 amid Middle East tensions

Oil prices jumped to their highest level since 2014 Wednesday, as worries about fighting in the Middle East spooked m...

Posted: Apr 11, 2018 7:28 PM
Updated: Apr 11, 2018 7:28 PM

Oil prices jumped to their highest level since 2014 Wednesday, as worries about fighting in the Middle East spooked markets.

The day began with President Donald Trump tweeting to threaten a missile attack on Syria in response to reports of a chemical attack by government forces there earlier this week. Later, Saudi Arabia's air defense reported that it intercepted missiles heading towards its capital Riyadh. Saudi Arabia has been defending itself against missiles launched by Iranian-backed Houthi rebels in Yemen in recent weeks.

The price of oil futures rose more than 2% In midday trading, topping $67 a barrel for the first time since December 2014.

Related: You'll pay 14% more for gas this summer, according to forecast

Syria is not a major oil producer, especially after years of civil war there. But its allies Russia and Iran are both major global producers. Trump's tweet taunted Russia about its claims it would shoot down any US missile attack on Syria.

The uncertainty in the region is enough to send prices higher said Mike Walls, a crude oil analyst Genscape.

"Yes, it's the tweets, and all the recent geopolitical worries," Walls said. "There's so much uncertainty over there for oil traders. If that cools off, it could come back down rather sharply."

Oil has been relatively high for much of this year, which has lifted gasoline prices being paid by US drivers. The average price of a gallon of unleaded gas stands at $2.66 a gallon, according to AAA. That's up 13 cents in just the last month and up 11%, or 26 cents a gallon, from a year ago. Prices are expected to climb even higher this summer.

-- CNN's Matt Egan and Nic Robertson contributed to this report.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 51079

Reported Deaths: 2756
CountyConfirmedDeaths
Marion12019693
Lake5588248
Elkhart353959
Allen2939134
St. Joseph210669
Hamilton1691101
Cass16449
Hendricks1454100
Johnson1340118
Porter82638
Tippecanoe7709
Vanderburgh7276
Clark69544
Madison67464
LaPorte61628
Howard59858
Bartholomew59745
Kosciusko5754
Marshall5449
Noble51328
LaGrange4849
Boone48244
Jackson4783
Delaware47152
Hancock46736
Shelby45425
Floyd40644
Morgan34231
Monroe34028
Grant31826
Dubois3046
Henry30018
Montgomery29720
Clinton2903
White27410
Dearborn25823
Decatur25632
Lawrence25225
Vigo2528
Warrick25029
Harrison21722
Greene19432
Miami1932
Jennings17912
Putnam1738
DeKalb1694
Scott1649
Wayne1546
Daviess15017
Perry14710
Orange13723
Steuben1362
Jasper1352
Ripley1307
Franklin1278
Gibson1202
Wabash1162
Carroll1142
Fayette1067
Whitley1066
Starke1043
Newton10010
Huntington942
Jefferson862
Wells821
Randolph794
Fulton731
Knox710
Jay700
Washington681
Pulaski661
Clay645
Rush613
Posey570
Spencer541
Owen521
Benton510
Sullivan501
Adams491
Brown431
Blackford402
Fountain352
Crawford330
Switzerland320
Tipton321
Parke270
Martin260
Ohio230
Vermillion200
Warren151
Union140
Pike110
Unassigned0193

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 64214

Reported Deaths: 3036
CountyConfirmedDeaths
Franklin11724445
Cuyahoga8979393
Hamilton6781207
Lucas2952305
Marion274539
Montgomery244035
Summit2327209
Pickaway222241
Mahoning1928239
Butler182147
Columbiana137860
Stark1214114
Lorain112069
Trumbull104578
Warren97725
Clark80010
Delaware69815
Fairfield66717
Tuscarawas60410
Lake58923
Medina58232
Belmont56922
Licking56812
Miami50631
Portage49259
Wood48851
Clermont4737
Ashtabula44744
Geauga42543
Wayne37253
Richland3715
Allen35641
Greene3439
Mercer29910
Erie27122
Holmes2595
Darke25626
Huron2402
Madison2169
Ottawa17324
Sandusky16015
Washington14620
Ross1443
Coshocton1423
Athens1391
Crawford1385
Putnam13715
Hardin12312
Morrow1201
Auglaize1094
Jefferson1092
Muskingum1001
Union931
Preble901
Monroe8917
Hancock861
Lawrence830
Guernsey823
Clinton811
Hocking809
Williams762
Shelby744
Logan711
Ashland672
Carroll673
Fulton670
Scioto670
Wyandot635
Brown611
Fayette550
Defiance533
Knox531
Champaign511
Highland501
Van Wert471
Perry441
Seneca412
Henry330
Paulding300
Jackson280
Pike280
Adams261
Vinton232
Gallia201
Noble140
Harrison131
Meigs130
Morgan110
Unassigned00
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