Brief by Shorts91 Newsdesk / 03:57am on 19 Jun 2025,Thursday Business
Rising hostilities between Israel and Iran have pushed U.S. oil prices to near five-month highs—about $73 per barrel—with potential to reach $120 if Iran targets vital transit zones like the Strait of Hormuz . Industry experts warn U.S. gasoline prices could jump 10–25 cents per gallon within days, impacting millions of drivers ahead of the July 4 holiday . While economists expect a limited effect on inflation and see markets weathering short-term volatility, escalation in the Gulf could trigger broader economic strain.
