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Inflation fears are back in focus amid worries over escalating tensions between the U.S. and Iran in the Middle East conflict which has kept oil prices elevated
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The global oil price went above $90 but pulled back on signs of hope for a reduction in tensions.
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The Iran-backed Houthi militia, which controls parts of Yemen, has in the past blockaded the Red Sea by threatening a choke point crucial to Saudi oil exports and global shipping.
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The escalation between the United States and Iran is once again impacting the prices of oil and gas, pushing both higher. The national average for Americans is nearing $4 a gallon and topping $5 for some states on the West Coast. NBC's Brian Cheung reports for TODAY.
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