The war with Iran is impacting the global oil market and will likely lead to a spike in gas prices in the United States. Sahar Razavi, director of the Iranian and Middle Eastern Studies Center at California State University, Sacramento, joined CBS News to discuss.
The closing of the Strait of Hormuz means that around 20% of the world’s oil supply, which goes through that strait, is now choked off. Iran’s ally, the Houthis, also play a significant role in the Red Sea, which could have very real economic consequences if they cut off oil shipments and other cargo in that route.
We could see impacts in Americans’ pocketbooks. Beyond supply disruptions, there are local implications: multiple U.S. military bases are located in places like California, and if military engagement becomes more sustained with casualties, public opposition to the conflict is likely to grow, especially as U.S. service members are killed or injured.
There is also concern the war could widen. Russia and China, which have ties to Iran, could support Tehran politically or materially. China relies on Iran for oil—alongside Venezuela as a cheaper source—so strikes on Iran put Beijing in a difficult position. Recent movements, including cargo flights and military drills involving Russian equipment near Tehran, show both countries have signaled support to the extent they deem it in their national interests, even if they have been hesitant to get directly involved.