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US-Iran tensions threaten to push gas prices back to $4 per gallon
After weeks of falling fuel prices that helped slow US inflation, escalating tensions between the US and Iran over control of the Strait of Hormuz threaten to push gasoline prices back toward $4 per gallon. The Strait of Hormuz is a critical artery for global oil shipments, and any disruption could send energy prices soaring worldwide. Analysts warn the ongoing diplomatic and military standoff could quickly reverse recent relief for American consumers.
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