Notifications can be managed in browser preferences.Jump to contentIndependentSwipe for next articleIndependent Bulletin homepageDownload our appAllNewsSportCultureLifestyleJasmine FernándezWednesday 03 June 2026 01:30 BSTGas Prices Over $4, Grocery Costs Climbing — The Financial Impact of the Iran Conflict on US FamiliesThe military conflict in Iran has cost U.S. households an estimated $100 billion, driven by a 35 percent surge in oil prices following the closure of the Strait of Hormuz.This financial burden amounts to roughly $750 per household since the conflict began in February, initiated by Donald Trump without congressional approval.The national average price for regular gasoline is $4.29 per gallon, with costs topping at $5 gallon in six states due to disrupted shipping lanes.Despite the White House dismissing concerns, a May survey found 53 percent of Americans believe the cost of living is the worst they can remember.Economists warn that mounting financial pressure and a low personal savings rate of 2.6 percent could force middle and lower-income families to reduce spending, further weighing on the economy.In fullNew study reveals how much increased costs from Trump’s Iran war have hit your householdThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in