Talks with Oman on Strait of Hormuz at final stage
The ongoing Iran war has significantly increased energy costs for US consumers, with diesel prices hitting record highs. Meanwhile, Iran and Oman are finalizing negotiations for a safe maritime route through the Strait of Hormuz.
Why it matters
The intersection of geopolitical conflict and energy supply chains directly impacts global inflation and consumer costs.
NEW YORK/TEHRAN/BAGHDAD — The Iran war has cost US consumers an estimated additional $ 100 billion in energy costs, a figure that is rising by roughly 1 million every two minutes, according to a real-time estimate from Brown University as of Monday.
The Iran War Energy Cost Tracker from Brown's Watson School says higher gasoline and diesel prices have cost the average US household more than $760 since the war began on Feb 28.
The US national average price for diesel rose to a record $5.90 per gallon on Monday, surpassing the record $5.85 set on Friday, according to the American Automobile Association.
Texas has borne the biggest share of the cost increase, with consumers paying around $11 billion in extra gas and diesel costs since the war began. It is followed by California and Florida, at about $8 billion and $5 billion, respectively.
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