Iran's control over the Strait of Hormuz could raise consumer prices across the board

March 16, 2026

TL;DR

Iran's actions in the Strait of Hormuz have disrupted global energy supplies, leading to significant increases in U.S. gas prices.
The closure of the strait, through which approximately one-fifth of the world's oil supply passes, has stranded about 700 ships, including 400 oil tankers carrying 200 million barrels of oil.
The disruption is expected to increase the cost of food and air travel due to higher jet and diesel fuel prices.
Even if military actions cease, the threat of Iranian attacks on ships can persist, maintaining the disruption.
The U.S. has taken military action against Iran's capabilities and is considering measures like risk insurance and strategic oil reserve releases.
Experts believe there are no easy policy solutions to a prolonged closure of the Strait of Hormuz.

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