U.S. economy faces potential war shock with surging oil prices

News Snapshot:

The American economy faces the unwelcome prospect of reignited inflation after the United States launched strikes on three nuclear facilities in Iran. High oil and gas prices are a near certainty, experts say. The big question now: How long will the fossil fuels price spike last? Oil prices are expected to rise by about $5 per barrel when markets open on Sunday, according to experts. “We are looking at $80 oil on the open,” said Andy Lipow of Lipow Oil Associates. U.S. oil hasn’t closed above $80 a barrel since January and has largely hovered between $60 and $75 a...