Conflict with Iran over the Strait of Hormuz has hit home. Motorists in Florida are paying $5.89 for a gallon of regular gas at a Shell station in Lake Buena Vista, topping out at $5.99 a gallon for premium, Local CBS reported citing GasBuddy.com data. It doesn’t get better at a Suncoast Energy station in Orlando, where drivers are paying $5.79 for a gallon of regular, the report said.
If Iran actually blocked the Strait it could have a huge impact on world oil prices, which would directly impact average person’s spending power on consumer goods. Global oil prices jumped to a nine-month high Tuesday to $106 a barrel after Iran announce it was stopping oil shipments to France and Britain, according to Yahoo! Finance.