Iran's Strait of Hormuz Escalation Sparks Gas Price Fears

Tensions between the US and Iran have escalated over the Strait of Hormuz, a vital oil shipping route. In response to recent attacks on US warships, the US struck three Iranian oil tankers. Iran has now announced plans to create an 'exclusion zone' around the strait.

This move has sparked fears of rising gas prices, which are already at $4.15 per gallon in the US. One year ago, the average price was $3.19. Energy Secretary Chris Wright remains optimistic about energy prices, stating that 'our transits through the Strait are averaging over 9 million barrels a day now... and with the access pipelines that go around the strait, we're probably two-thirds or more of pre-conflict flows.'

The ongoing conflict is also putting pressure on Republicans ahead of the midterm elections in less than two months. A recent poll found that only a quarter of Americans think the Iran war is worthwhile.