'I Can't Imagine If It Goes Another Month'

"We've seen gas prices rise significantly across the country with some states seeing jumps of 40 to 50 cents in the course of a week. How likely are things to get worse before they get better? We can tie that answer directly to what happens in the Strait of Hormuz. If things start to improve, they will get better. But that doesn't look like it's happening yet."

"Iran has largely blocked shipping in the Strait of Hormuz, the key waterway between the Persian Gulf and the Gulf of Oman through which 20 percent of the global oil supply passes. It is also attacking ships that attempt to make the journey and targeting oil facilities around the gulf. The resulting chaos has sent oil prices through the roof and rippled out to consumers across the world."

"Oil prices jumped another five percent on Wednesday, even on a day the IEA announced that it was going to release oil in an accounting move of shifting it from commercial inventories to calling it emergency reserves, the market shrugs off what they're trying to do here. So how much higher could we go? Qatar's energy minister suggested $150 a barrel. Iran has said $200 a barrel."

Iran's military actions have blocked the Strait of Hormuz, a critical waterway through which 20 percent of global oil supply passes, causing unprecedented economic disruption. The blockade includes attacking ships and targeting oil facilities, sending oil prices sharply higher. Gas prices across the United States have risen 40-50 cents per week in some states. Iran's new supreme leader has committed to maintaining the strait closure, with no clear end to the conflict visible. Petroleum analysts warn prices could reach $4 per gallon or higher. Oil prices jumped five percent on a single day despite international efforts to release emergency reserves, indicating market concerns about prolonged supply disruption.

Read at Intelligencer