Analysts from Citigroup are cautioning that global oil prices could soar to $150 per barrel if the Strait of Hormuz remains shut until the end of June, which could drive US gas prices up to $6 per gallon this summer. Currently, the national average for gas sits at a wartime peak of $4.39 per gallon, reflecting a 47 percent increase since the onset of the conflict in Iran. This surge means American families are spending about $300 extra each month on fuel. Economists indicate that climbing energy prices are contributing to broader inflation affecting food, goods, and services, with the complete effects anticipated to emerge in the May inflation reports.
