Economist on local oil market concerns amid Iran bombings

MILWAUKEE, (CBS 58) -- There are growing concerns about the future of the global oil market following U.S. strikes on Iran Saturday. 

That is due to Iran threatening to close the Strait of Hormuz, which is the opening from the Persian Gulf into the Indian Ocean, where 20% of the world's oil is shipped.

Secretary of State Marco Rubio called the idea of closing the Strait "suicidal" because it would hike oil prices for many nations around the world. 

But we spoke with one economist who says we aren't likely to see a price hike at the pump, here in the Midwest.

"Here in the Midwest, a lot of the oil that's used in our refineries to make gasoline comes from Canada," Annex Wealth Chief Economist Brian Jacobsen, said. "I'm hopeful that we aren't going to see a huge price reaction at the pump here in the United States and especially here in the Midwest. But that's not to say it can't happen."

Sunday the Iranian Parliament voted in favor of closing the Strait of Hormuz.

But to put that into action, the order would have to be given by the country's leader, Ayatollah Khamenei.