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Oil prices have soared since Iran effectively shut down traffic through the Strait of Hormuz.
Iran's closure of the Strait of Hormuz has caused oil prices to surge over $100 per barrel.
KEY POINTS
- Ten of the last eleven pre-pandemic recessions were preceded by significant oil price increases.
- Oil prices have jumped 45% since the conflict began, pushing gasoline toward $4 per gallon.
- Airlines and shipping companies are adding surcharges to offset rising fuel costs, impacting consumer prices.
- Federal Reserve officials plan to avoid over-tightening policy in response to current energy shocks.
COMPANIES
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