Gasoline prices in the United States have risen significantly, with the average price reaching about $3.68 per gallon on Saturday, an increase of about 23.5% since the outbreak of the war with Iran on February 28, according to the New York Times.
This increase coincided with a rise in global oil prices, which jumped by about 40% during the same period, closing Friday's trading at $103.14 per barrel, due to the direct impact of crude price fluctuations on fuel prices.
Bloomberg reports indicate that continued high oil prices could negatively impact the global economy. According to the Shock Economic Model, oil prices approaching $110 per barrel could lead to a 0.5% decline in GDP and a one percentage point increase in inflation in both the UK and the Eurozone. If prices rise to around $170 per barrel, the impact on growth and inflation could double.
The economic impact in the United States is concentrated mainly on inflation rates, rather than on economic growth.
Estimates suggest that the military escalation will subside in the coming weeks, with the possibility of the conflict turning into a ceasefire or a less intense confrontation.
Observers believe that there are three main factors that could contribute to ending the war: economic pressures resulting from rising oil prices, the depletion of military stockpiles, and escalating popular pressure within the United States.
