Houthi Escalation Sends US Gas Prices Soaring

A recent escalation in the Middle East has led to increased pressure on Middle East oil routes, causing gas prices to rise for American consumers. The Iran-backed Houthi rebels have seized key parts of the Red Sea coast, forcing Saudi Arabia to shut down a critical East-West oil pipeline.

This disruption sent oil prices to their highest levels since May, with the average price of a gallon of gas in the U.S. climbing 17 cents in the past week to $4.32 on Monday.

The impact is being felt across the country, with Costco raising the price of its Kirkland brand motor oil to $58 for a five-quart, two-pack, up from $30 last year, and limiting customers to one box per week.