War in Israel looks unlikely to drive up U.S. energy prices, analysts say

Prices at the pump remain on track to keep falling in the United States despite the Israel-Hamas war, according to energy industry analysts.

After Hamas’ surprise attack over the weekend, global crude oil jumped to more than $87 a barrel by Monday, from below $83 late last week — roughly a 5% increase. Prices have since retreated, clocking in at $83.62 Wednesday morning.

But Israel and its immediate neighbors aren’t major energy producers, so as long as the conflict doesn’t expand geographically, seasonal trends should continue much as they have for the last few weeks, said Tom Kloza, global head of energy analysis at the Oil Price Information Service.

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