Stalled discussions concerning the Strait of Hormuz are posing a risk of skyrocketing gas prices in the United States. Iran has suggested implementing a tolling system at this critical global oil passage, a move deemed unacceptable by U.S. Secretary of State Marco Rubio on May 22. Additionally, Iran is insisting that the U.S. lift its naval blockade on Iranian ports before it will agree to fully reopen the Strait. This impasse is keeping international oil markets anxious and jeopardizing the ceasefire established on April 8. An Iranian shutdown or limitation of Hormuz would impact 20 percent of the global oil supply, with analysts cautioning that U.S. gas prices could increase by over a dollar per gallon.
