Overview
- Renewed U.S. strikes on Iranian-linked oil tankers and reported Iranian and Houthi attacks have sharply cut tanker traffic through the Strait of Hormuz and pushed Brent toward the $97–$99 range.
- The national gasoline average reached $4.15 per gallon over the Labor Day weekend, the highest on record for that holiday, while U.S. diesel hit a new all‑time average near $5.90 per gallon.
- Brown University’s Watson School cost tracker estimates U.S. households have paid about $100 billion in extra gasoline and diesel costs since the conflict began, equal to roughly $760–$770 per household.
- Analysts say damage to regional refineries, Russian export limits and U.S. refinery run limits have left product markets tight, especially for diesel, which raises costs for trucking, farming and home heating.
- Major banks and market observers warn prices could climb much higher if Hormuz flows remain low, a prospect that could widen inflation, affect interest‑rate decisions and deepen consumer pain.