Energy Industry analyst Dan McTeague expects the situation in the Middle East will only get worse following the attack on Saudi oil fields on the weekend, adding it has been completely and grossley ignored.
"It was when we had missles hitting vessels in the Strait of Hormuz", said McTeague. "We've seen oil fields and pipelines that have been hit the past. This is not going to end and it's likely not going to end well."
The U-S has reportedly identified locations in Iran where drones and cruise missles were launched against major Saudi oil facilities on Saturday.
"We know Iran is an agent provocateur", said McTeague. "We know Saudi Arabia is in a protracted war in Yemen against Houthi rebels, who are really protagonists if you will for the Iranian regiime. We know that Russia is heavily aligned with Iran and Syria. And we know the United States, Israel and Britain are aligned with Saudi Arabia. How do we avoid this? The fact is we've ignored it, and that's a real tragedy."
The attacks spiked global oil prices.
Gas prices are expected to jump 8 to 10 cents a litre.