US-Iran Conflict Sends Gas Prices Soaring

Gas prices have been on the rise in recent days, reaching as high as $4.00 per gallon. The renewed fighting between the US and Iran has led to concerns about oil supply disruptions. According to Kirk Edwards, President of Latigo Petroleum, the ongoing conflict is a major setback for finding a solution.

Edwards pointed out that every day of fighting means an additional 10 million barrels of oil are not flowing through the Strait of Hormuz. He also mentioned the recent attack on Saudi Arabia's pipeline by the Houthis, which could further impact global oil supplies.

The US had previously announced a peace deal with Iran in June, but it ultimately didn't last. With tensions rising again, the US is now focused on protecting the flow of oil through the Strait of Hormuz.