We’re 68 days into the U.S.-Israel conflict with Iran, and the effects have moved well beyond the Middle East and into everyday American life. The closure of the Strait of Hormuz, through which roughly a quarter of the world’s oil flows, sent a shock wave through energy markets, leaving consumers paying more at the pump and for flights.
Here’s a peek into what’s changed since the start of the war:
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How the Iran conflict is costing you
📊 3.3% 📊
In March, the Consumer Price Index (CPI) rose 3.3% annually — the highest level since April 2024 — driven by a surge in energy prices. The CPI is a key economic indicator, measuring inflation and how much consumers pay for everyday goods and services.
⛽ $4.54 ⛽
The national average for a gallon of regular gas hit $4.54 as of May 6, which is the highest since the conflict began and $1.56 more than the $2.98 average just before the war started on Feb. 28, according to AAA.
🏠 6.30% 🏠
Homebuyers had a brief window of hope before the war. In the week before the airstrikes began, Freddie Mac reported the 30-year fixed-rate mortgage had dipped to 5.98% — its lowest point in about three and a half years. Mortgage rates have since surged to as high as 6.30% (this week’s reading), per Freddie Mac.
✈️ 42% ✈️
Naturally, with higher jet fuel costs, flying has gotten more expensive. The average round-trip international flight hit $1,101 as of April 27, a 42% jump from $775 just before the war started, according to Kayak. The average domestic round-trip flight now costs $365, up nearly 24% from the same period a year ago. Airlines, including United, Delta, JetBlue and Southwest, have all raised bag fees on top of fare hikes to offset soaring jet fuel costs.
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