The conflict involving Iran has imposed approximately $100 billion in additional energy costs on U.S. consumers, according to an Axios report. This significant increase in expenses is primarily attributed to rising gasoline and diesel prices, with average fuel prices remaining above $4.00 per gallon. Markets assign a low probability to crude oil reaching new all-time highs, currently at 2% by September 30 and 10% by December 31. The ongoing Iran conflict continues to impact oil supply and energy pricing, with market participants closely monitoring OPEC’s production strategies and geopolitical developments in the Middle East.
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