The ongoing conflict in Iran has significantly impacted global oil prices, causing U.S. gasoline costs to reach their highest levels in nearly two and a half years, with the national average now at $3.79 per gallon. The surge in crude oil prices, driven by supply disruptions and geopolitical tensions, has affected consumers and may contribute to rising inflation. The U.S. government is responding by releasing oil from strategic reserves, but experts warn these measures may only provide temporary relief as the situation evolves.
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