Oil prices see sustained surge
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A prolonged Israel-Iran conflict could push oil prices sharply higher, potentially prompting the Federal Reserve to either hasten rate cuts due to an economic slowdown or delay them to combat rising inflation.
Gas prices "will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X.