The ongoing war with Iran is driving up costs at the pump across the United States. The national average for a gallon of regular gasoline jumped another seven cents to $4.30, marking an increase of more than $1.30 since hostilities began.
NBC's Christine Romans, reporting on TODAY, broke down how the standoff in the Strait of Hormuz is fueling these price hikes. The strategic waterway, through which about a fifth of global oil passes, has become a flashpoint, disrupting supply chains and stoking new inflation fears.
Economists warn that sustained high gas prices could ripple through the broader economy, affecting consumer spending and potentially influencing Federal Reserve policy. The latest figures show no immediate relief, as the conflict continues to disrupt oil shipments and drive up energy costs worldwide.
"The war in Iran is fueling new inflation fears," Romans noted, highlighting the direct link between geopolitical instability and everyday expenses for American drivers.