By Christopher Rugaber WASHINGTON (AP) \u2014 Oil prices jumped Tuesday for the second straight day and gas prices moved higher in the United States, underscoring the threat of rising inflation posed by the Iran war. Coming after nearly five years of elevated costs, even a modest pickup in prices could further sour many Americans on the economy and heighten the affordability concerns that have become a top political issue. On Tuesday, U.S. oil prices rose more than 5% to $75.22 a barrel in afternoon trading. Gas prices jumped 11 cents to $3.11 a gallon on average nationwide, according to AAA. A key issue, economists say, is how long the conflict lasts and whether shipping routes, such as the Strait of Hormuz, at the mouth of the Persian Gulf, is closed…. <\/p>\n
By Christopher Rugaber WASHINGTON (AP) \u2014 Oil prices jumped Tuesday for the second straight day and gas prices moved higher in the United States, underscoring the threat of rising inflation posed by the Iran war. Coming after nearly five years of elevated costs, even a modest pickup in prices could further sour many Americans on the economy and heighten the affordability concerns that have become a top political issue. On Tuesday, U.S. oil prices rose more than 5% to $75.22 a barrel in afternoon trading. Gas prices jumped 11 cents to $3.11 a gallon on average nationwide, according to AAA. A key issue, economists say, is how long the conflict lasts and whether shipping routes, such as the Strait of Hormuz, at the mouth of the Persian Gulf, is closed.... <\/p>\n