US Feels Heat Of Iran War, Fuel Prices Jump Above $4 And Surcharges Hit Consumers
· Free Press Journal
Washington: The ongoing conflict with Iran has started affecting everyday life in the United States. Petrol prices have risen sharply, reaching USD 4.09 per gallon on Friday. This is more than one dollar higher than prices before the war and the highest level since August 2022.
Diesel prices have increased even more. They have jumped from USD 3.64 per gallon a year ago to USD 5.53 per gallon now. Diesel is important for trucks, farming, and construction, so higher prices can impact many sectors of the economy.
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US Gas Prices Cross $4 Per Gallon For First Time Since 2022 Amid Iran War Supply ShockCompanies Pass on Rising Costs
Big companies are already passing these higher fuel costs to customers. Amazon has announced a 3.5 percent fuel surcharge for third-party sellers starting April 17.
Similarly, the United States Postal Service plans to introduce a temporary 8% surcharge on package and express deliveries. If approved, it will begin on April 26 and continue until January 2027.
Airlines have also started increasing baggage fees to deal with rising fuel expenses.
Oil Prices Surge Past $100 Per Barrel As Iran Conflict Disrupts Strait Of Hormuz ShippingSupply Chain Concerns Growing
Experts warn that if the war continues, supply chains could be disrupted. Since oil markets are global, the US cannot avoid the impact.
Analyst Rachel Ziemba said concerns have grown stronger in just a week. Higher transport costs will likely push up prices of many goods.
Austan Goolsbee also warned that consumers may soon feel “sticker shock” as rising costs affect daily expenses.
Global Impact Spreading
The blockage of the Strait of Hormuz has reduced oil supplies worldwide. Asia has already felt the impact, with some countries introducing fuel-saving measures.
Europe may start facing shortages by mid-April. The US is expected to feel the full impact later, as it takes 35–45 days for oil shipments to arrive.
Shortages in refined fuels may begin in late April or May, especially in regions like California, which are more isolated from supply networks.