In the eight weeks since the Iran war started, the conflict has driven gas prices above $4 a gallon, strained homebuyers and pushed inflation to its highest level in nearly two years. Even if the war ends soon, Americans are likely to feel the financial sting for months, economists say.
“I think the damage has already been done, in part because there’s no going back on oil prices, at least not any time in the near future,” Mark Zandi, chief economist at Moody’s Analytics, told CBS News.
The war has disrupted traffic through the Strait of Hormuz, a strategic waterway through which one-fifth of the world’s oil supply normally flows. Oil prices have jumped as a result, creating widespread consequences for Americans as they fuel their cars and book travel. As of midday Friday, Brent crude, the international benchmark, was trading at $105 a barrel, up 44% since before the war…
