The war in Iran has closed the Strait of Hormuz, a narrow waterway that normally carries about a fifth of the world’s oil and natural gas. An expert says this closure already has important consequences for consumers.
Global oil markets reacted quickly. About a week after the war began, crude prices spiked to nearly $120 a barrel and later eased to around $100 a barrel, still well above the pre-war level.
Higher crude prices have reached fuel markets. Gasoline is averaging close to $4 per gallon, up nearly 80 cents from last month, and diesel is just under $5 per gallon, about $1.30 higher than a month ago. It is not yet clear how long the strait will remain closed.
Difficult words
- strait — a narrow passage of water between land
- carry — to move something from one place to anothercarries
- consumer — a person who buys or uses goodsconsumers
- crude — oil that has not been refined yet
- spike — to rise quickly to a very high levelspiked
- average — to be about a typical amount or numberaveraging
Tip: hover, focus or tap highlighted words in the article to see quick definitions while you read or listen.
Discussion questions
- How would higher gasoline prices change your travel or shopping?
- Why do you think closing the strait can make oil prices rise?
- If fuel prices go up, what could people do to save money?
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