Commodities
Iran War Drives US Gas Prices to 5-Year High
The ongoing war with Iran has led to a significant increase in oil and gas prices in the US, causing widespread financial strain on motorists, food delivery drivers, farmers, and even the US Postal Service.
According to CBS News' gas price tracker, average US gas prices topped $4 per gallon for the first time since 2022 on March 31. Analysts predict that prices will remain elevated until shipping resumes in the Strait of Hormuz, a key waterway between the Persian Gulf and the Gulf of Oman.
The increase is particularly significant for diesel fuel, which powers trucks, boats, and trains transporting US goods and has risen more quickly than regular gasoline.