Gas prices climb as oil spikes amid ongoing Iran conflict

GREEN BAY, Wis. (WBAY) - Gas prices in Wisconsin averaged $3.79 today, slightly higher than yesterday but up 16 cents from last week and 95 cents from a month ago.

After two days of gains, the markets did not react well to President Trump’s address to the nation last night, plummeting to start the day but ending essentially where they started.

Oil prices jumped today. West Texas crude spiked over $112 a barrel. Brent crude, the global benchmark, rose to $109 a barrel.

Markets await timeline on Iran conflict

The markets had been hoping for the president to lay out a timeline for a quick end to the war with Iran. That did not happen last night.

The president posted video of the destruction of a major Iranian bridge with the quote, “Make a deal before it is too late, and there is nothing left of what still could become a great country!”

Iran responded to the president’s speech with more missile launches at neighboring countries today.

Gulf states are pushing for a United Nations Security Council vote on a resolution calling on countries “to use all necessary means” to ensure international transit in the Strait of Hormuz, the Gulf and the Gulf of Oman.

It faces opposition from Russia and China, who have veto power on the council.