The longer the disruption to Middle East fuel supplies lasts, the risk grows that higher energy costs will feed into broader inflation that could dent economic growth.
Iran warned President Trump's naval blockade was "doomed to fail" as oil prices soared to their highest point in years with the standoff over the Strait of Hormuz wreaking havoc on the global economy.
The Iran war has nearly doubled jet fuel prices in the United States. That means the bill for firefighting aircraft operations this summer will likely rise by tens of millions of dollars.
