"The national average price for regular gasoline now stands at $4.483 per gallon, up from $4.176 just one week ago. In less than two weeks, gas prices have surged 11%, putting them within striking distance of the all-time AAA record of $5.016 set on June 14, 2022."
"The escalating conflict involving Iran has caused tanker traffic through the Strait of Hormuz to come to a halt as shipping companies reroute vessels or delay transit altogether. Roughly 20% of global oil and gas trade normally passes through the strait, meaning the world's energy supply chain is getting squeezed."
"The speed of the move matters just as much as the price itself. Gasoline prices have risen $1.41 in only nine weeks following the Iran conflict - the fastest increase for that period since at least the early 1990s."
"Money spent at the gas pump is money not spent at restaurants, retailers, streaming subscriptions, or vacations. And that eventually hits corporate earnings."
In 2026, Wall Street investors anticipated lower interest rates due to cooling inflation. However, gasoline prices surged to $4.483 per gallon, driven by geopolitical tensions in the Strait of Hormuz. This area is crucial for global oil trade, and disruptions have caused significant price increases. Gas prices rose $1.41 in nine weeks, the fastest increase since the early 1990s. Higher gas prices act as a stealth tax on consumers, reducing spending in other sectors and ultimately affecting corporate earnings.
Read at 24/7 Wall St.
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