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HomeLocal NewsHow Potential Strikes on Iran Might Impact U.S. Inflation Rates

How Potential Strikes on Iran Might Impact U.S. Inflation Rates

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(NewsNation) — Former President Donald Trump has often boasted about his administration’s success in curbing inflation, but the recent turmoil in the Middle East might challenge that narrative.

On Monday, the average cost of a gallon of gasoline surged by 12 cents, marking the steepest single-day increase since March 2022, according to data from GasBuddy. By early Tuesday evening, the price for regular unleaded had reached an average of $3.15 per gallon, up from $2.97 the previous week.

This price hike highlights how swiftly military conflicts can influence the energy markets. The recent U.S.-Israeli military actions targeting Iran have shaken global oil prices, largely due to concerns over the Strait of Hormuz. This critical chokepoint is responsible for the transit of about 20% of the world’s oil supply.

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