Iran war fear to set oil market on fire: US energy experts

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US energy experts say the escalation of tensions between the United States and Iran will prompt a rise in the price of gasoline in the US, stating that a primary 30-cent increase per gallon will be just a beginning for further price hikes.

Gasoline prices have already increased by more than 10 percent over the last two months, following the increase in global oil prices, according to a report published on the CNN website said on Thursday.

According to the report, several factors, including supply disruptions in a number of oil producing nations, have caused the prices of the energy source to rise, leading in return to a similar increase in the prices of such oil byproducts as gasoline.

“But the biggest factor [behind the oil price upsurge] by far, say analysts, is fear that tensions with Iran will lead to an all-out war that causes a disruption in oil supplies,” the report said.

“The market right now is fairly well supplied, but you’ve just got a significant fear factor that things could get worse,” said John Kingston, the director of the oil department at Platts energy analysis institute.

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