The cost of oil has skyrocketed to $125 per barrel, and American motorists are about to experience unprecedented effects at the gas station. Brent crude futures surged to their highest point in years following the announcement by the President regarding the indefinite continuation of the US naval blockade against Iran. This blockade has effectively closed off the Strait of Hormuz, a crucial passage that accounts for approximately 20 percent of the global crude oil supply. For residents in the US, the financial strain is already evident. National gas prices have exceeded four dollars per gallon, with California and New York nearing five dollars. Economists caution that if Brent prices exceed $130, the risk of a recession in the US could significantly increase. With inflation reaching a two-year peak and the Federal Reserve unable to act, the pressure is mounting on your gas tank, grocery expenses, and salary.
