U.S. and Israeli strikes on Iran beginning Feb. 28 triggered a regional war despite an April ceasefire and a June memorandum of understanding that expired in August. The Pentagon has spent more than $47 billion, including over $29 billion to replace expended munitions, while the war has cost the average U.S. household nearly $2,000, or $265 billion nationwide. About $1,100 of that burden comes from higher energy and transportation costs, with interest rates and military spending accounting for the rest. Attacks on commercial shipping in the Strait of Hormuz, which carried about 20 million barrels of oil per day before the war, pose a persistent risk for oil markets and the global economy. Brent crude fell more than 9% after Democrats won control of both chambers of Congress, but additional strikes, including the attack on Qeshm Island, could drive prices higher again and increase the burden on households.
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