Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.

The recent increase in crude prices and energy stocks is all about Israel and Iran. But oil is still well below highs for the year.

Oil prices edged up on Wednesday on worries that the escalating conflict in the Middle East could threaten oil supplies from the world's top producing region, but a large build in U.S. crude inventories limited gains.

Year to date, WTI prices are down by 2.60%. Brent futures traded at $75.41/bbl, an increase of 0.13% in the last 24 hours. Year to date, Brent prices are down by 4.62%. USA TODAY Blueprint may earn a commission from this advertiser.

Crude prices jumped on worries about worsening tensions in the Middle East, while U.S. stocks pulled back further from their records