Since the United States and Israel began striking Iran on February 28, the Iranian government has responded by restricting shipping through the Strait of Hormuz. This situation has caused a global rise in oil prices, which translates into an increase in gasoline prices for Americans. According to AAA, the national average price of a gallon of regular gasoline is $3.98, nearly $1 more than a month ago.
In addition to oil, other commodities transported through the waterway, such as fertilizers, have also experienced price increases. According to sellers surveyed by DTN, last Wednesday, the prices of six of the eight major fertilizers were higher than those of the previous month. These economic fluctuations highlight the direct impact of the conflict on global markets and on consumers' wallets.