According to Bank of America, if the Israel-Hamas conflict intensifies, oil prices might rise to $150 or perhaps $250.

 According to Bank of America, if the Israel-Hamas conflict intensifies, oil prices might rise to $150 or perhaps $250.

 

# MAIN THREATS

Following the surprise attack on Israel last weekend by Palestinian militants, oil prices increased by more than 3%. 

Nonetheless, the total impact on prices is probably going to be minimal because Israel and Gaza both produce little amounts of oil.

The conflict's effects on gas prices have not yet been felt by American drivers.

Following the militant organization Hamas' unexpected attack on Israel from the Gaza Strip last weekend, oil prices increased by more than 3%. 

According to specialists in the field, as long as no third parties from inside or outside the region get involved, the overall impact on oil and gas prices is expected to remain minimal because neither Gaza nor Israel produce much petroleum.

Iman Nasseri, the Middle East managing director of energy consultancy Facts Global Energy, previously told CNBC that the impact on the price of oil will be minimal unless the two sides' "war" escalates quickly into a regional conflict in which the United States, Iran, and other supporters of the parties engage.