US is less prone to oil price shocks than in past decades

Gas prices are up, but other forces may limit the economic harm to the U.S. Frederic J. Brown/AFP via Getty Images

Oil is a global market, so when prices rise in one place, they rise everywhere. The current war against Iran has already raised oil prices significantly.

Mideast oil production has been slowed by efforts to close the Strait of Hormuz, a key route for oil tankers from the Middle East to the rest of the world, as well as by attacks – and fears of attacks – on oil production, storage and shipment installations.