The US and Israel launched attacks on Iran on February 28, sparking a retaliatory campaign by Iran and its proxies that has crippled oil shipments through the Strait of Hormuz and led to the deaths of key Iranian leaders.
Strait of Hormuz Shipping Crisis
- The Strait of Hormuz, critical for global oil trade, has seen dramatic drops in shipping activity since the conflict began.
- Iran controls the northern side, through which about one-fifth of daily global oil production typically flows.
- President Donald Trump has set a deadline for Iran to reopen the strait, with thousands of ships stranded.
Oil Price Surge
- Disruptions have pushed oil prices higher, causing gasoline prices in the US to reach the highest average of Trump's presidency.
- The AAA national average for regular gasoline has spiked to unprecedented levels during this term.
