Oil prices has went up by 12% in the past six weeks because of the current conflict with Iran.

"It's an additional burden on already burdened households," says Judith Dwarkin, Chief Energy Economist at ITG Investment Research.

The climb has been caused by fears that a military conflict will erupt in the Middle East and block oil supplies from reaching markets. The U.S. and Europe are tightening economic sanctions against Iran over what the West believes is Iran's attempt to build a nuclear bomb. World leaders fear Israel may be planning a strike against Iran.