After the attack on Saudi oil facilities on Saturday, it is likely U.S. consumers will see a 10 to 25 cent increase per gallon for gas as early as Tuesday.
The U.S. sanctioned the Venezuelan state-owned oil and gas company PDVSA, which is Venezuela's biggest source of revenue.
Oil prices have dropped significantly, with the U.S. benchmark price dipping below $60 per barrel.
Drivers wary of escalating cost of travel as national gas price average already at highest for years.
Remember when oil prices were $140 a barrel and it was predicted they would reach $200? Now, oil prices are $34.
Arab oil ministers meeting in Vienna on June 5 must confront the devastating consequences of the war in their midst.
"The inventory levels are actually getting scary," a commodity strategist says.
The data could allow a cautious Federal Reserve more room to hold off on raising interest rates.