Geopolitical unrest and war can impact every level of life, right down to the price of everyday items. Major military escalation of coordinated air strikes upon Iran by the United States and Israel began on Feb. 28, as reported by CNN.
In light of this conflict, American consumers can expect a number of everyday items to spike in price as global supply lines and markets are disrupted.
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Gasoline and Oil
It may go without saying, but any nearly any conflict that takes place in the Middle East will impact prices of crude oil from the region. As a result, NBC has reported that average American gas prices will likely reach $3 per gallon by the second week of March and could spike to as high as $4 should the war continue into summer.
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Utilities (Electricity and Heat)
Electricity generation and home heating in many regions rely upon natural gas or oil — as those fuels get more expensive, utility bills rise with them.
Fertilizer and Farm Products
Middle Eastern fertilizer exports, like oil, are facing disruption due to war, per MarketWatch. Further, with oil and gas prices on the rise, farm equipment will become more expensive to use, thereby raising the price of agricultural products.
Food and Groceries
With higher fuel prices increasing the costs for farming equipment, irrigation and transport, as well as increased fertilizer costs, food prices are expected to be very sensitive to the war in Iran.
Airline Tickets and Travel Costs
When oil prices rise, airlines tend to increase their ticket prices commiserate with higher jet fuel costs. Additionally, travel services and overall tourism costs also increase as a result.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 5 Everyday Items That Will Become More Expensive If the Iran Conflict Continues
