- The Iran war has led to American drivers spending an additional $23.9 billion on petrol since 1 March, according to GasBuddy analysis.
- This increased cost translates to approximately $6,462 per second or $23.3 million every hour for consumers.
- Oil prices surged in early March due to concerns over Iranian attacks on tankers in the Strait of Hormuz, a vital shipping route for 20 per cent of the world's oil supply.
- Consequently, US petrol prices surpassed $4 a gallon on average in March for the first time in four years, later nearing $4.50 in early May.
- The rising energy costs contributed to a jump in US inflation to 3.3 per cent in March, with petrol prices increasing by 21.2 per cent year-on-year.
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