The Hidden Cost of Conflict: How US Iran Tensions are Fueling Economic Inequality As August drew to a close, Americans faced a harsh reality: gas prices had reached an all time high for this time of year.
The national average price of $4. 06 per gallon was not only a strain on household budgets but also a symptom of a deeper economic issue – one that had been exacerbated by the ongoing US Iran conflict.
The war in the Middle East, which began in February, had a ripple effect on global oil prices. Brent crude, the benchmark for the global oil market, reached $112 a barrel in March, its highest point since 2022.