Iran Warns U.S. Will "Miss" $4 Gas After Strait Threat

A top Iranian official says Americans will soon look back fondly on paying $4 or $5 for a gallon of gasoline. The warning comes after former U.S. President Donald Trump said he would blockade the Strait of Hormuz if elected. Iranian Parliament Speaker Mohammad Bagher Qalibaf made the statement. He suggested such a move would cause oil prices—and U.S. fuel costs—to rise sharply. The Strait of Hormuz is a critical global shipping route. About one-fifth of the world's traded oil passes through this narrow waterway near Iran. The remarks highlight how global oil prices directly affect U.S. consumers. Gasoline prices are already a major concern for many Americans and a key issue in the current election cycle. Any major disruption to oil shipments through the Strait would likely trigger higher inflation and economic pain worldwide.