The conflict in Iran has led to a significant rise in crude oil prices, which have exceeded $110 per barrel. Experts like Christopher Tang from UCLA emphasize that this increase will affect various sectors, pushing prices higher for gasoline, airline tickets, and essential goods. The strait of Hormuz, a vital route for oil shipments, is under Iranian control, complicating logistics and increasing costs. Shipping giants like UPS and FedEx have raised rates by over 25%, while the US Postal Service will implement an 8% surcharge. As countries draw from strategic oil reserves, the need to replenish these supplies with high-priced oil will further exacerbate price hikes. The Independent Grocers Alliance has indicated that a 10-15% rise in fuel prices could lead to a 2-4% increase in food prices. Experts warn that the political risk associated with oil pricing will persist, suggesting that once prices rise, they seldom return to previous levels.