Strait of Hormuz tensions threaten to push gas past $5 by June

Tensions in the Strait of Hormuz, exacerbated by Iran's blockade, are driving up global energy prices, raising concerns about gasoline prices potentially exceeding $5 by June. Analysts at JPMorgan Chase warn that $5 gas is a possibility this summer, prompting suggestions for a temporary suspension of the federal gas tax. The national average gas price currently stands at $4.50 per gallon.