The U.S. is the world's leading oil producer. So why are gas prices soaring?

TL;DR

U.S. motorists are experiencing sharply higher fuel prices following the outbreak of the Iran war.
Despite the U.S. being the world's largest oil producer, global market dynamics and refinery configurations contribute to rising prices.
The U.S. exports a large portion of its crude oil and also imports significant quantities, making it subject to global price setting.
U.S. refineries are optimized for 'heavy' crude, while the country primarily produces 'light' crude, leading to reliance on imported oil for domestic gasoline production.
Increased oil prices are also leading to higher jet fuel costs and subsequently, increased airline fares.
The rising cost of oil is expected to impact other sectors, potentially including grocery prices, if the Strait of Hormuz is affected.

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