Oil Surges Toward $120 as Iran Conflict Continues Without Resolution

Oil prices are charging toward $120 a barrel as the Iran war drags on with no end in sight, according to Bloomberg News Now. The surge has pushed California's average gas price above $6 per gallon for the first time since 2023. The Pentagon reports that the United States has already spent $25 billion on the conflict so far. Analysts warn that rising oil costs are beginning to strain consumer spending power, with former NEC Director Gary Cohn noting the impact on U.S. consumption.