Rising oil prices following US-Israel strikes on Iran are intensifying economic pressure on American consumers, even as President Donald Trump declared the war a swift victory. The Strait of Hormuz remains closed, halting Gulf oil shipments and pushing prices above $100 per barrel, with warnings that they could reach $200. Experts say the economic impact will depend on how long the conflict lasts and how quickly shipping resumes. The International Energy Agency called the situation the largest supply disruption in global oil market history.
Analysts warn that a prolonged conflict could trigger 1970s-style stagflation or recession. Gasoline prices in the US have risen to $3.59 per gallon, up 65 cents since February, with further increases expected if the war continues. Supply chain disruptions are already causing port congestion and could soon raise prices for goods, plastics, and fertilizers. Economists note that higher oil costs could keep inflation elevated, complicating Federal Reserve policy and keeping mortgage rates high.
Experts also highlight long-term consequences, including higher debt costs, reduced job creation from military spending, and a global realignment as countries seek to reduce reliance on the US.
Share New York City, United States – Rising prices on the back of US-Israel strikes on Iran are adding to the economic pressure facing US consumers despite efforts by US President Donald Trump to paint the war as a success. On Wednesday, Trump declar
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