A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

"We are not involved in strikes against Iran and our top priority is protecting American forces in the region," Rubio said in a statement. "Israel advised us that they believe this action was necessary for its self-defense.

The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.