{"id":16743,"date":"2026-07-25T11:48:53","date_gmt":"2026-07-25T06:48:53","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=16743"},"modified":"2026-07-25T11:48:53","modified_gmt":"2026-07-25T06:48:53","slug":"iran-war-fuels-inflation-mortgage-rates-and-gas-prices","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=16743","title":{"rendered":"Iran war fuels inflation, mortgage rates and gas prices"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div>\n<p id=\"anchor-06b82d\" class=\"body-graf\">The affordability crisis is revving up again.<\/p>\n<p><button class=\"styles_subscriptionCTA__LOUeY\" id=\"subscriptionCTA\" type=\"button\"><img decoding=\"async\" src=\"data:image\/svg+xml;base64,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\" alt=\"NBC News Icon\" class=\"styles_icon__wRwWv\" aria-hidden=\"true\"\/><\/p>\n<div class=\"styles_textWrapper__vxvko\">\n<p class=\"styles_text__daaVB styles_textLarge__qlzwu\">Subscribe to read this story ad-free<\/p>\n<p class=\"styles_text__daaVB\">Get unlimited access to ad-free articles and exclusive content.<\/p>\n<\/div>\n<p><img decoding=\"async\" src=\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/rockcms\/2026-01\/arrow-f55fa5.svg\" alt=\"arrow\" class=\"styles_arrow__tnruW\" aria-hidden=\"true\"\/><\/button><\/p>\n<p id=\"anchor-fea12b\" class=\"body-graf\">The war in Iran and President Donald Trump\u2019s global tariff agenda are pushing prices higher across the country and raising fears of renewed inflation.<\/p>\n<p id=\"anchor-99a36d\" class=\"body-graf\">Gas prices are surging again, hitting $4.10 per gallon on Friday and are poised to climb higher. These rising costs at the pump are a direct result of the jump in global oil prices. <\/p>\n<p id=\"anchor-33e82e\" class=\"body-graf\">Brent crude oil briefly surged above $100 per barrel this week for the first time in two months, after a reported attack on <a href=\"https:\/\/www.nbcnews.com\/world\/iran\/houthis-attack-oil-tankers-red-sea-iran-trump-battle-trade-hormuz-rcna588842\" target=\"_blank\">at least two tankers<\/a> transiting the Red Sea. U.S. crude oil has surged too, rising as high as $92 per barrel this week. <\/p>\n<p id=\"anchor-8065ee\" class=\"body-graf\">The rising fuel prices, in turn, have put financial markets back on edge over another potential spike in inflation, even though <a href=\"https:\/\/www.nbcnews.com\/business\/economy\/june-cpi-inflation-oil-prices-ai-rcna587311\" target=\"_blank\">it eased last month to 3.5%<\/a>. <\/p>\n<p id=\"anchor-c699ba\" class=\"body-graf\">U.S. Treasury yields, which can serve as a bellwether for inflation expectations, have started rising again. On Friday, the 10-year U.S. government bond yield hovered just below 4.7%, its highest level since January 2025.<\/p>\n<p id=\"anchor-ae98e5\" class=\"body-graf\">Those yields also guide consumer borrowing rates. The <a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\" target=\"_blank\">average interest rate on a 30-year U.S. mortgage<\/a> rose to 6.85% on Thursday, its highest level since June 2025, although it ticked down to 6.81% on Friday.<\/p>\n<p id=\"anchor-f5d512\" class=\"body-graf\">All of these rising prices and interest rates mean that pressure is mounting again on consumers.<\/p>\n<p id=\"anchor-964558\" class=\"body-graf\">Mark Zandi, chief economist at Moody\u2019s Analytics, told NBC News that the war is costing the average household more than $1,200.<\/p>\n<p id=\"anchor-5d65f9\" class=\"body-graf\">According to Zandi\u2019s calculations, the price of gas is costing the average household $360 more. Groceries are costing the average household an additional $240, he said. Meanwhile, other modes of transportation are costing $110 more. Higher interest rates are adding another $205 to household bills, he said.<\/p>\n<p id=\"anchor-06bbad\" class=\"body-graf\">\u201cThe cost of the Iran War is hitting American household budgets hard and is set to hit even harder as the war wages on, gas prices rise again, and the military costs mount,\u201d Zandi said.<\/p>\n<p id=\"anchor-1025bc\" class=\"body-graf\">\u201cBefore the war, the national average [gas] price was comfortably below $3 per gallon,\u201d Zandi wrote separately in a LinkedIn post. \u201cGasoline was about the only thing we buy regularly that hadn\u2019t become much more expensive since the pandemic.\u201d<\/p>\n<p id=\"anchor-3444f1\" class=\"body-graf\">Patrick DeHaan, analyst at GasBuddy, agreed, telling NBC News that the upcoming hurricane season could further complicate gas prices.<\/p>\n<p id=\"anchor-ce1d2f\" class=\"body-graf\">\u201cUncertainty over hurricane season and potential impacts mean that gas prices could rise in the next few weeks, subject to changes in those 2 major situations plus hurricane season wildcard,\u201d he said. <\/p>\n<p id=\"anchor-5dd2b4\" class=\"body-graf\">\u201cLabor Day will be very difficult to predict accurately,\u201d De Haan added.<\/p>\n<p id=\"anchor-bb8956\" class=\"body-graf\">On Friday, oil prices dropped by around 3%, but even still De Haan wrote on X that he expected the national gas price average to rise to $4.20 to $4.30 per gallon eventually.<\/p>\n<h2 id=\"anchor-315a05\" class=\"body-heading\">A worsening oil crunch<\/h2>\n<p id=\"anchor-b9f622\" class=\"body-graf\">Commercial vessel traffic through the Strait of Hormuz has remained extremely low in recent weeks, the result of threats and attacks on ships by the Iranian regime.<\/p>\n<p id=\"anchor-3cda55\" class=\"body-graf\">Normally, more than 20% of the world\u2019s energy supplies would transit that critical waterway to reach the global market. But, as the Trump administration and Iran battle for control of the passage, vessel operators remain leery of trying to make it through. On Thursday, just six vessels crossed the waterway, according to MarineTraffic data.<\/p>\n<p id=\"anchor-44d2bd\" class=\"body-graf\">\u201cThe road back to prewar prices will be long,\u201d Zandi said in his LinkedIn post. \u201cThe insurance that oil tankers require to operate will be much more expensive given that the Iranian regime can seemingly shut down the strait at will.\u201d<\/p>\n<p id=\"anchor-6653bb\" class=\"body-graf\">In March, dozens of countries around the world announced a release of 400 million barrels of oil into the global market in order to keep a lid on prices. But the stockpiles from where those barrels are coming from are starting to dwindle.<\/p>\n<p id=\"anchor-66552e\" class=\"body-graf\">The U.S. Strategic Petroleum Reserve still has more than 300 million barrels in it, but it\u2019s at its <a href=\"https:\/\/www.nbcnews.com\/business\/energy\/cushing-oil-reserves-stress-iran-war-rcna350536\" target=\"_blank\">lowest level since the 1980s.<\/a> <\/p>\n<p id=\"anchor-962a05\" class=\"body-graf\">Analysts warn that eventually, this lever to lower prices won\u2019t be able to be used anymore. Inventories held at a second critical oil hub in Cushing, Oklahoma, tumbled to just 20 million barrels in June. That puts the Oklahoma facility at <a href=\"https:\/\/www.nbcnews.com\/business\/energy\/cushing-oil-reserves-stress-iran-war-rcna350536\" target=\"_blank\">an \u201coperational stress\u201d level<\/a>.<\/p>\n<h2 id=\"anchor-6d4866\" class=\"body-heading\">The view from Washington<\/h2>\n<p id=\"anchor-65b161\" class=\"body-graf\">Trump has repeatedly played down the impact the war is having on the household finances of everyday Americans.<\/p>\n<p id=\"anchor-88baee\" class=\"body-graf\">In May, as the war approached its third month, Trump was asked to what extent \u201cAmericans\u2019 financial situations\u201d were motivating him to make a deal with Iran.<\/p>\n<p id=\"anchor-20579b\" class=\"body-graf\">\u201cNot even a little bit,\u201d Trump replied.<\/p>\n<p id=\"anchor-740876\" class=\"body-graf\">\u201cI don\u2019t think about Americans\u2019 financial situation,\u201d<a href=\"https:\/\/www.nbcnews.com\/politics\/donald-trump\/trump-not-thinking-american-finances-iran-talk-rcna344785\" target=\"_blank\"> Trump said.<\/a> \u201cI don\u2019t think about anybody. I think about one thing \u2014 we cannot let Iran have a nuclear weapon. That\u2019s all.\u201d<\/p>\n<p id=\"anchor-97bfd5\" class=\"body-graf\">Trump added, \u201cevery American understands.\u201d <\/p>\n<p id=\"anchor-09a84a\" class=\"body-graf\">The president <a href=\"https:\/\/www.nbcnews.com\/politics\/donald-trump\/president-defends-remarks-americans-finances-iran-war-perfect-statemen-rcna345418\" target=\"_blank\">doubled down<\/a> on that statement in an interview days later. \u201cThat\u2019s a perfect statement. I\u2019d make it again,\u201d Trump told Fox News\u2019 Bret Baier <a href=\"https:\/\/www.foxnews.com\/video\/6395736085112\" target=\"_blank\">in an interview<\/a>.<\/p>\n<p id=\"anchor-f34949\" class=\"body-graf\">As Republicans in Washington and across the country prepare for the height of the midterm election campaign season, polls suggest that Trump\u2019s handling of the economy could hurt the party in November. <\/p>\n<p id=\"anchor-82f31f\" class=\"body-graf\">In June, 59% of voters said that they felt pessimistic about the economy, according to a <a href=\"https:\/\/www.foxnews.com\/politics\/fox-news-poll-most-rate-economy-negatively-including-half-republicans\" target=\"_blank\">poll conducted by FOX News<\/a>. 44% of voters said that they felt like they were falling behind financially.<\/p>\n<h2 id=\"anchor-bb0bf7\" class=\"body-heading\">Tariff tensions<\/h2>\n<p id=\"anchor-cbd4a1\" class=\"body-graf\">That pressure on household finances comes just as the administration moves to rebuild its sweeping tariff program.<\/p>\n<p id=\"anchor-77da03\" class=\"body-graf\">After a major defeat at the Supreme Court in February, the administration has been searching for new ways to impose blanket tariffs on U.S. trading partners. <\/p>\n<p id=\"anchor-a616e1\" class=\"body-graf\">The administration turned to a temporary 10% across-the-board tariff on most trading partners, but on Friday those expired. <\/p>\n<p id=\"anchor-b48b7a\" class=\"body-graf\">In their place, the U.S. Trade Representative announced tariffs of 10% to 12.5% on 60 economies, including the country\u2019s most important trading partners such as China, Canada, the European Union and Mexico. <\/p>\n<p id=\"anchor-64e70c\" class=\"body-graf\">The administration also said <a href=\"https:\/\/www.nbcnews.com\/business\/economy\/trump-usmca-renewal-tariffs-trade-rcna352594\" target=\"_blank\">earlier in July<\/a> that it would not renew the U.S.-Mexico-Canada trade agreement, which Trump negotiated and implemented in his first term. <\/p>\n<p id=\"anchor-ef4a17\" class=\"body-graf\">That, and the new wave of tariffs, brings fresh uncertainty to global trade again and poses potentially higher prices as importers deal with potentially higher levies.<\/p>\n<h2 id=\"anchor-62b8fe\" class=\"body-heading\">Interest rate risks <\/h2>\n<p id=\"anchor-a88831\" class=\"body-graf\">It also poses an issue for the Federal Reserve, which has so far kept interest rates unchanged since the war began. The Fed\u2019s Open Markets Committee meets next week in Washington, where it is expected to again decide to keep rates where they are.<\/p>\n<p id=\"anchor-55d3fc\" class=\"body-graf\">On the other hand, the European Central Bank \u2014 one of two major central banks to hike rates since February \u2014 warned on Thursday that the current inflation problem may be only the tip of the spear.<\/p>\n<p id=\"anchor-b71162\" class=\"body-graf\">\u201cThe energy shock could intensify further and its effects on other prices and wages could be stronger than currently expected,\u201d its president, Christine Lagarde, said on Thursday. <\/p>\n<p id=\"anchor-643f49\" class=\"endmark body-graf\">\u201cThe longer energy prices stay high, the more likely they are to drive up broader inflation through indirect and second-round effects,\u201d she added.<\/p>\n<\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>The affordability crisis is revving up again. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content. The war in Iran and President Donald Trump\u2019s global tariff agenda are pushing prices higher across the country and raising fears of renewed inflation. Gas prices are surging again, hitting $4.10 per gallon&#8230;<\/p>\n","protected":false},"author":1,"featured_media":16744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_nbcnews-fp-1200-630,f_auto,q_auto:best\/rockcms\/2026-07\/260722-gas-station-aa-610-00a13e.jpg","fifu_image_alt":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-16743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pics-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/16743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16743"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/16743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/16744"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}