The Iran war is effectively a ‘tax’ on US households that could accelerate the economy’s widening K shape, Moody’s says

The conflict in the Middle East has sent gasoline prices in the U.S. soaring to their highest level in four years. That’s bad news for everybody, but the domestic consequences of the war are likely to ripple unevenly, and in the process undermine one of the country’s primary engines of economic growth.

Iran’s effective blockade of the Strait of Hormuz has starved the global economy of around 20% of the oil supply it is accustomed to, and Americans are witnessing the effect every time they go past a gas station.