The conflict in Iran has led to the closure of the Strait of Hormuz, which accounts for 20 percent of the global oil supply, resulting in gas prices in the US reaching their highest levels in years and increasing the monthly expenses for the average American household by approximately $40. Companies in the airline, trucking, and food distribution sectors are passing on fuel surcharges to consumers, contributing to rising costs throughout the economy. Analysts predict that fuel prices will remain high until ongoing peace negotiations in Islamabad and Geneva lead to a resolution that allows the strait to reopen.
