The rise in oil prices comes at a relatively quiet period in the U.S. gasoline market. Drivers have enjoyed a sharp decline in gasoline prices over recent months, in part due to sluggish demand for gas as the busy summer traveling season has given way to an autumn slowdown.

Brent prices briefly jumped 5% on Tuesday after Iran fired ballistic missiles at Israel, and prices are moving higher again today after Israel vowed to retaliate. That raises the risk of a disruption to crude supplies from a key producing region. John Authers and Richard Abbey tackled that in the Points of Return column, which is well worth a read.