Iran’s effective shutdown of the Strait of Hormuz has locked up 20% of the world’s oil. But there’s more to the story.
Oil and gasoline have gotten all the headlines in recent weeks for good reason: Surging fuel costs have led to a price shock at the pump – one many commuters and drivers can’t avoid. Meanwhile the stuff we buy at stores gets there by truck, boat or plane, all of which run on diesel that costs significantly more because of rising oil prices.
But the locked-down Strait of Hormuz has restricted access to other goods, too. And those could raise prices beyond the