Oil has been trading between the $70 and $80 a barrel mark. That level will create much higher gas prices for drivers this summer, which could impact the economy. The big concern as Fox News reports is that oil prices could spike if there is a major conflict with Iran. On the positive side, it is difficult for Iran to cut off the oil supply by blocking the Strait of Hormuz, because it shoots itself in the foot financially by doing so. Take a look:
