How the Strait of Hormuz affects the price of filling your gas tank

The disruption of oil exports through the Strait of Hormuz has led to a surge in global oil prices, which is driving up gasoline prices in the United States. The International Energy Agency (IEA) notes that instability in the Middle East's oil export routes is impacting the global energy market. Rising gasoline prices are heavily reliant on fluctuations in oil prices, with global supply chain instability directly affecting US consumers.