And oil tankers aren’t eager to resume shipments in the region as long as Iran threatens to set boats ablaze. Gas pricesAmericans have been fed up with the high cost of living, but one saving grace has been that gas prices have stayed relatively low. Gas prices surged after the US and Israel attacked Iran and the Strait of Hormuz was effectively shut down. Higher gas prices could have an outsized effect on Americans’ perceptions about their finances. Higher prices could hurt consumer spending, which accounts for more than two-thirds of the US economy.

Source: Egypt Independent March 09, 2026 13:51 UTC