Hormuz blockade hits fuel prices

Roughly 20 to 25 percent of the world's fuel passes through the Strait of Hormuz, which remains effectively blocked due to the U.S.-Iran conflict.

Goldman Sachs estimates that Persian Gulf oil supply is currently 57% below pre-war levels, with any resumption likely to take months.

The disruption is impacting diverse sectors, from fast-fashion retailers facing higher synthetic fabric costs to farmers struggling with a fertilizer crisis.

President Trump has warned Americans to expect higher gas prices for 'a little while' as the naval standoff continues.