(CNBC) Oil prices jumped more than 3% after members of the militant group Hamas launched a surprise attack on Israel from the Gaza Strip last weekend.
However, neither Gaza nor Israel produce much petroleum, so the overall effect on oil and gas prices is likely to remain limited — as long as no third parties from in or outside the region become involved, according to industry experts.
Gas prices have been trending lower
Indeed, American drivers have yet to see effects from the conflict reflected at the gas station level. The average price for a gallon of regular gasoline in the U.S. on Monday was $3.70, down 11 cents from a week ago, according to AAA.
Downward pressures such as the jobs report and the possibility of further interest rate hikes from the Federal Reserve are likely to continue softening oil prices, said Patrick DeHaan, head of petroleum analysis at GasBuddy.
