U.S. consumers are facing a double whammy of rising oil prices and higher interest rates amid the U.S. war with Iran. According to Moody’s Analytics, the total cost per household since the conflict began is around $1,760, with more than half ($930) coming from energy costs. Crude oil prices topped $105 per barrel, pushing the average gallon of gas above $4.32, up 36% year over year. The 10-year Treasury yield climbed to its highest level since 2007, with 30-year mortgage rates topping 7%. Consumer purchasing power is eroding as credit card debt approaches a near-record high of $1.26 trillion.
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