War with Iran: Fuel Prices Soar, Impacting Everything

0:00The war with Iran, now in its third month, is hitting your wallet hard by messing with global oil supplies. Iran shut down the strait of Hormuz, trapping tankers, while a U.S. Navy blockade stops their exports. Gas prices nationwide jumped to $4.30 a gallon Thursday, the highest since 2022, up 44% from two. Dollars and 98 cents before the February 28th strikes. Diesel is even worse at nearly $5.50 a gallon, up from $3.76, jacking up shipping costs for everything from packages to groceries. The postal service slapped an 8% surcharge on priority mail, and Amazon hit third-party sellers with a 3.5% fuel fee. Air travel is taking a beating too, with jet fuel prices dropping a bit to $179 a barrel last week but still way above. $99 per war. Airlines like Delta, United, American, and Southwest, hiked baggage fees and added charges for seats, even for loyal customers.

1:04Big consumer brands are feeling the squeeze from pricier petroleum-based materials. Proctor and gamble expects a $1 billion profit hit next year and may pass costs to buyers of toothpaste and detergent. Unilever plans 2-3% hikes on soap and mayo in stages. Food prices could climb next after a 3-6 month leg, and the UN warrants 45 million more folks in Asia and Africa might face hunger by. Mid-year if supplies stay tight. Keep an eye on that pump. These ripples are just getting started. I'm Cory with The Story, and you've been listening to Canada News today. AI-powered local news.