US-Iran War Drives Record Gas Prices Amid Ongoing Conflict
The US-Iran war has been ongoing for six months and has had far-reaching consequences on global oil and gas prices.
The conflict began in February when President Donald Trump announced a military operation against Iran, with predictions that it would last only four to five weeks. However, the situation remains volatile, and tensions continue between Iran and the US over control of the Strait of Hormuz.
The Strait is a critical waterway for oil shipments, accounting for 20% of global trade. Its closure or disruption has significant impacts on oil prices, with crude oil remaining in the $80 per barrel range amid continued instability.
Average gas prices have risen accordingly, with a year-over-year comparison showing that the national average price of regular gas is higher than ever before at this point in the year. Despite seasonal fluctuations in demand, crude oil prices remain a major driver of these increases.
The conflict has had significant economic implications for Americans, with multiple polls showing widespread pessimism about the war and its effects on the economy. Trump has stated that the higher prices associated with the war will be worth his goal of preventing Iran from having a nuclear weapon.