How the Iran War Could Jack Up Prices on Store Shelves

The Strait of Hormuz, a busy waterway off the coast of Iran, has come to a near standstill. If the war drags on much longer, it could mean higher prices for consumer goods around the world.

On a typical day, the Strait of Hormuz off the Persian Gulf is one of the busiest shipping choke points on Planet Earth. Some hundred vessels pass through the waterway, located between Iran, Oman, and the United Arab Emirates. Half are oil tankers carrying every fifth barrel in the world, the other half container ships with manufactured goods, bulk carriers hauling raw materials like grain and metals, and specialized vessels carrying other products like gas.