Iran war fuels record inflation

Gasoline prices skyrocketed over 21% in a single month as the Strait of Hormuz remains largely blocked to tanker traffic.

The economic fallout is impacting household budgets across the country, with costs for food and energy rising sharply.

Treasury Secretary Scott Bessent noted that the 'No Tax on Tips' policy has helped millions, but critics point to the war as the primary driver of the current spike.

Markets remain volatile as investors parse the potential for a long-term shift in global energy supplies.