If exports of oil from the Persian Gulf region had been cut off 20 years ago, gas prices in the U.S. would have more than doubled. But prices at the pump have not not risen by even 50% during the Iran War, going from about $3.10 before the Iran War to $4.50 now, even though few oil tankers are passing through the Persian Gulf’s Strait of Hormuz. The supply of oil from the Persian Gulf has largely been cut off.
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