"U.S. GDP grew at a 2 percent annualized rate in the first quarter of 2026, significantly up from last quarter's anemic 0.5 percent rate."
"Economic prospects for the rest of the year remain clouded by the Iran War, which has pushed up fuel prices."
"Iran's closure of the Strait of Hormuz has cut off a significant portion of global oil supply, leading to elevated Brent crude oil prices."
"Brent crude oil prices remained elevated at $111 per barrel Thursday, while the average price of a gallon of gas reached $4.30, the highest since 2022."
In the first quarter of 2026, U.S. GDP increased at an annualized rate of 2 percent, a notable rise from the previous quarter's 0.5 percent. However, this growth fell short of economists' expectations of 2.2 percent. Economic conditions for the remainder of the year are uncertain, primarily due to the ongoing Iran War, which has led to increased fuel prices. The closure of the Strait of Hormuz by Iran has significantly disrupted global oil supply, with Brent crude oil prices at $111 per barrel and gas prices averaging $4.30 per gallon.
Read at The American Conservative
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