"A blockade or any sort of disruption to shipping through the strait is likely to cause a significant increase to oil prices. It's a major disruption for now. The question is how long this is going to last. If it lasts a couple of days, I don't think we will see a major spike. If it continues, we could see a major short-term spike."
"Nearly 20% of the world's oil is shipped through the Strait of Hormuz in the Persian Gulf. Attacks on vessels traveling through the strait could decrease the global supply. That means prices may spike."
"I would expect sticker shock for some areas. This is not going to be an overnight massive spike, but it will be noticeable to most motorists."
The ongoing conflict with Iran is disrupting global energy markets, with U.S. gas prices reaching $3 per gallon nationally. Recent attacks and retaliatory strikes threaten oil shipments through the Strait of Hormuz, which handles nearly 20% of the world's oil supply. Experts warn that any blockade or shipping disruption could cause significant price spikes. The duration and severity of the conflict will determine whether prices experience a brief increase or sustained elevation. Consumers are already experiencing pain at the pump, with some paying $80 weekly to fill their tanks.
Read at ABC7 San Francisco
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