How will the oil markets react today after Israel and Iran spent the weekend trading shots? It may not be as bad as you think if the fighting remains limited to just those two nations.
AAA analyst Don Redman says the oil market always shoots up when missiles start flying in the Middle East. He said many countries aren't doing business with Iran right now, thanks to U.S. Sanctions, so if the conflict remains between just Iran and Israel, it won't be a worst-case scenario.
"So it shouldn't be a big factor in terms of how quickly prices come back down once this current conflict is resolved," he said.
But if other nations in the region get involved in the fighting, like Saudi Arabia, then Redman says we could see oil prices above a hundred dollars a barrel.
Either way, he said the summer of cheap gas probably won't happen.
"For the consumer at the pump, whatever savings we were hoping for all the way through the summer, I think that all bets are off right now, and it could be literally weeks before the market settles back down," he said.