Oil Prices Soar: How It's Hitting Your Wallet

0:00On May 1st, oil prices are skyrocketing from the Iran War, now dragging into its third month and it's hitting wallets everywhere. Iran shut down the straight-of-form moves for tankers, while a U.S. Navy blockade stops their oil exports choking global supply and pushing crude way up. Gas is averaging $4.30 a gallon across the U.S., the highest since 2022 and up 44% since late, February. Diesel jumped to $5.50, making trucking and shipping pricier for all our daily stuff. Shippers like the Postal Service slapped on an 8% surcharge for priority mail, and Amazon added a 3.5% fee for sellers. Airlines are jacking up baggage charges and fares, too, with jet fuel still hovering around $179 a barrel. Big makers of toothpaste, soap, and detergents like Procter & Gamble say they might pass on a billion-dollar hit from petroleum costs, planning, small price hikes, unilevers

1:00eyeing 2 to 3% increases on mail, and more. Food prices haven't spiked yet, but experts predict rises in 3 to 6 months from fuel and fertilizer shortages, potentially pushing 45. Million more folks in Asia and Africa toward hunger. This ripple effect shows no signs of slowing down. This has been Global News Today, powered by AI.