Middle East Conflict Sends Oil Prices Soaring to $4.32 per Gallon

The escalating conflict in the Middle East has led to a new surge in oil prices, affecting American consumers. The Iran-backed Houthi rebels have seized key parts of the Red Sea coast, forcing Saudi Arabia to shut down its critical East-West oil pipeline.

This disruption has 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 just one week to reach $4.32 on Monday.

The impact is being felt not only at the pump but also in stores, where Costco has raised the price of its Kirkland brand motor oil to $58 for a five-quart, two-pack, up from $30 last year, and is limiting customers to one box per week.