The good old days are gone': how will US prices stand as war in Iran surges on?

"The price of oil has risen steadily since the war began at the end of February, with crude oil prices surging past $110 per barrel this week. Fuel prices have risen in part because Iran controls access to the strait of Hormuz, a narrow passageway between the Persian Gulf and the Gulf of Oman where about 20% of the world's oil travels through."

"We're going to pay the same high prices that the global market is paying. With Iran either blocking oil shipments through the strait of Hormuz or charging a hefty toll of up to $2m, that forces tankers to either take longer routes or pay up, raising logistics costs either way."

"On Thursday, Amazon said it would add a 3.5% surcharge for third-party sellers that will go into effect later this month. Shipping companies including UPS and FedEx have raised rates and added fuel surcharges of more than 25%."

The ongoing war in Iran is causing a significant rise in gasoline and airline ticket prices, with experts predicting broader economic impacts. Crude oil prices have surged past $110 per barrel, largely due to Iran's control over the strait of Hormuz, a critical oil passage. Despite claims of U.S. independence from Middle Eastern oil, experts emphasize that oil remains an internationally traded commodity, leading to higher prices for consumers. Companies like Amazon and shipping firms are already implementing surcharges to cope with increased logistics costs.

Read at www.theguardian.com