American Families Could Be Paying Price Of Iran War For Years To Come
Whether the Iran War ends in two weeks or two months, global markets may not stabilize for years.
Since President Donald Trump launched Operation Epic Fury on Feb. 28, Iranian retaliation has successfully shut the Strait of Hormuz. With the international oil trade at a near standstill and the Pentagon spending tens of billions on the war effort, U.S. consumers are footing the bill.
“Bottom line: I believe we have seen the last of sub-$3.00 per gallon gas prices and sub-$80 per barrel oil prices, at least for the remainder of my lifetime,” energy industry veteran David Blackmon told the Daily Caller News Foundation.
An oil supply crunch means paying more for gasoline or any commodity that needs transportation, like groceries and fertilizer. Increased deficit spending drives up interest rates, making mortgages and car loans more expensive. Even if the conflict stopped immediately, global markets may take months or even years to recover.
U.S. gasoline prices move alongside Brent crude, the global benchmark oil blend. For every $10 Brent increase, U.S. gas rises roughly 24 cents per gallon. Since striking Iran, the American Automobile Association (AAA) national gas average price increased from $2.98 to $4.11. Sudden restrictions to global supply often drive up Brent crude’s price, as occurred when Russian exports dipped following the Ukraine War’s 2022 escalation. (Read more from “American Families Could Be Paying Price Of Iran War For Years To Come” HERE)
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