Iran War Drives Up U.S. Gas Prices

The ongoing U.S.-Iran conflict has led to a significant increase in gasoline prices across the United States, with the national average surpassing $4 per gallon. This rise is attributed to disruptions in global oil supply chains, particularly around the Strait of Hormuz. The U.S. government, including Vice President JD Vance and Treasury Secretary Scott Bessent, has acknowledged the impact on Americans' wallets. While U.S. oil production has not been able to quickly fill the gap, refineries are operating at near capacity. The increased fuel prices have also led to higher costs for trucking companies, which may eventually affect consumer prices.