As Iran war causes gas and airfares to spike, lawmakers warn of price gouging — but experts point to supply shocks

With the Iran war in its fifth week, consumers are getting hit hard by surging energy costs. Now, some lawmakers are warning of the potential for price gouging, even as experts point to extreme supply shocks.

Traffic through the Strait of Hormuz, a critical maritime shipping route for global oil supplies, remains effectively at a standstill, causing the biggest oil supply disruption in history.

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