According to Al Jazeera, escalating attacks between the US and Iran in the Strait of Hormuz have disrupted traffic in the critical waterway. Global benchmark Brent crude futures rose to around $97 per barrel on Monday, a six-week high, gaining 9% in the past five days and 19% in the past month. West Texas Intermediate (WTI) crude prices also climbed to $92.27 per barrel, also a six-week high.

This follows a US attack on three Iranian oil tankers on Saturday, while Iran's Islamic Revolutionary Guard Corps (IRGC) stated it had attacked three oil tankers and three US-linked vessels. Additionally, Saudi Aramco's facility in Jizan was attacked for the second time on Monday. Data analytics platform Kpler shows that only an average of 10 commodity vessels passed through the Strait of Hormuz daily over the past 10 days.

As a result, US gasoline prices have risen, with the national average reaching $4.15 per gallon on Monday, up 7 cents in a week; diesel prices also surpassed $5.90 per gallon. Data from Brown University's Watson Institute for International and Public Affairs indicates that the average US household has spent $764.59 on fuel since the conflict began.