U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?

Oil price tests the same setup that crashed Brent in April, but Goldman's $90 floor and a collapsing put-call ratio disagree with the chart.

Brent crude oil price rose for two consecutive weeks, reaching its highest point since March 16 this year. It ended the week at $109 as investors reflected on the ongoing developments in the Middle East,

Analysts expect sustained higher oil prices, even post-conflict, while gas markets remain relatively stable due to ample supply.

Oil futures have tried and failed multiple times to get back above $103 a barrel, as a key momentum indicator has been held back.

The Nasdaq Composite rattled off its longest winning streak since 1992, and that was just one of many impressive market feats last week.

Oil prices have eased slightly from recent highs, but Rabobank warns markets are still underestimating the scale and duration of the global supply disruption. The WTI crude oil price in US dollars is trading around $102.

Diccon Hyatt is an experienced financial and economics reporter. He's written hundreds of articles breaking down complex financial topics in plain language, emphasizing the impact that economic currents would have on individuals' finances and the market.