What impact will the ongoing conflict with Iran have on the U.S. Economy?

"The conflict with Iran is already showing up at the gas pump, and how much worse it gets depends entirely on how long this lasts. The Strait of Hormuz carries about a fifth of the world’s oil, and it’s effectively shut down for most commercial shipping right now. For the average American, that means higher gas prices, higher grocery prices, and more uncertainty layered on top of an economy already strained by tariffs and inflation. Here in Louisiana, we’ll feel it quickly — our refineries process the majority of U.S. crude, so global price shocks hit home fast. The short-term pain is real. The question is whether this conflicts ends quickly or turns into a long term affair."