U.S. shoppers should brace for impact of higher oil prices, experts say
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For U.S. consumers, soaring oil prices due to the Iran war don't just mean pain at the pump — the impact is also likely to be felt by shoppers both in stores and online. In:
For U.S. consumers, soaring oil prices due to the Iran war don't just mean pain at the pump — the impact is also likely to be felt by shoppers both in stores and online.
Global oil prices have jumped more than 40% since the conflict effectively closed the Strait of Hormuz, a critical waterway in the Persian Gulf that normally accommodates roughly a fifth of the world's oil and natural gas supply.
That surge is affecting every link in the U.S. supply chain. From cargo ships crossing the ocean to the delivery van pulling up to your door, rising fuel and other energy prices are driving up the cost of transporting goods.
Diane Swonk, chief economist at KPMG, told CBS News that "all of those shifts are adding to costs, a portion of which will be passed along to consumers."
"The costs that are not passed along show up as a squeeze in profit margins and employment," she added.
Mortgage rates in the U.S. jumped this week to the highest level in three months, as the Iran war fans inflation fears and puts pressure on the U.S. housing market. Edited by Alain Sherter In:
Soaring energy prices due to the Iran war could provide a massive windfall for U.S. oil companies. Edited by Alain Sherter In:
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