Strait of Hormuz closure halts oil flow, pushing prices to $120 per barrel. U.S. gasoline hits $3.54 per gallon, a 19% spike since conflict began. Analysts warn prolonged war could accelerate global inflation by two percentage points, risking recession. Trump insists it’s a “small price,” but economists cite $500 billion in global trade disruptions and stalled refineries. China’s $200 billion Middle East investments face risks as container ships idle near blocked ports.

G7 nations debate reserve releases, while South Korea caps gas prices and Bangladesh ration fuels. Iran’s new leader, Mojtaba Khamenei, signals defiance, complicating diplomatic efforts.