HARTFORD, CT (WFSB) -- The ripple effects from Thursday night’s strike in Iran are already being felt here in the U.S.
The Dow Jones closed at down 233 points on Friday, while the price of crude oil surged by 3 percent.
“A lot of volatility, specifically in the oil prices and airline stocks. Oil prices went up as a result of what happened in Iran and that can negatively impact the airline stocks. When the cost of oil goes up, the cost of transport goes up, the oil stocks have gone down,” said Eric Hogarth, partner at Johnson Brunetti.
He said after a decade of record highs in the stock market, it’s time to be cautious.
“If you’ve gotten good gains in the market and you’re getting closer to retirement when you need to use this money, perhaps it’s time to take advantage of selling out of some of those gains,” Hogarth said.
On the roads, the 3 percent jump in crude oil prices haven’t translated to the pumps, yet. According to GasBuddy, the average price for a gallon in Connecticut is $2.63.
“Oil prices go up, gas prices go up, so we’ll see continued volatility, probably for weeks, if not months, while things settle out,” Hogarth said.
Some drivers say what happened Thursday night was monumental in the war against terror and don’t mind the final bill the next time they fill up.
“Everyone would like to have it cheaper, but with the world the way it is today, we really have to do the right thing for our country and preserve the freedoms that we have,” said Naomi Galarza, of Rocky Hill.
“Terrorists have to do with life or death. Gas has to do with money, so I’d rather have less people die than gas prices go up,” said Tyler Schiavone, of Rocky Hill.
Experts say it could take weeks or months before the long-term fallout from Thursday night is seen.