Explainer: Why oil prices are soaring amid US-Iran tensions
Business
Oil prices just hit elevated levels, thanks to rising tensions between the US and Iran.
Brent crude is close to $111 a barrel, and WTI nearly touched $100.
Since the conflict began and has entered its fourth week, Brent prices have surged more than 50%, making global markets even shakier.
Airlines warn ticket prices could go up soon
With President Trump demanding Iran reopen a key shipping route (or else) and Tehran firing back with threats, energy prices are climbing fast.
Jet fuel now costs over $200 a barrel, so airlines are warning ticket prices could go up soon.
Experts say if things don't cool down, oil could get even pricier than it did in 2008.