"About 20% of the world's oil passes through the Strait of Hormuz, a narrow shipping route near Iran. If tensions continue and shipments slow further, drivers could start to feel it just as spring break and summer road trips ramp up."
"About at least 60 percent of the price you pay when you go fill up has to do with the price of crude oil. If it were to get above $80, or worse, it'll be more noticeable at the pump."
Middle East conflict is disrupting regional energy exports, causing West Texas Intermediate crude to rise approximately 6% to just over $71 per barrel. National average gas prices remain below $3 per gallon currently, but typically lag behind oil price changes by days or weeks as stations adjust gradually. Approximately 20% of global oil flows through the Strait of Hormuz near Iran, making this region critical to energy supply. Continued tensions could further slow shipments, potentially impacting drivers during peak travel seasons. Crude oil prices account for roughly 60% of pump prices, meaning significant increases could become noticeable to consumers if crude reaches $80 or higher.
Read at Entrepreneur
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