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Latin Times
Latin Times
Politics
Miguel Paiva

Oil at $96 a Barrel: What the Hormuz Crisis Is Costing You and Why U.S. May Hold Off Escalating Until Nov. 3rd

NEW YORK, NEW YORK - SEPTEMBER 04: Gas prices are displayed at a Brooklyn gas station on September 04, 2026, in New York City. As millions of Americans take to the road for Labor Day weekend, gas prices continue to rise. According to AAA, the New York state average is $4.26 a gallon, and the national average is $4.13, both among the most expensive on record. (Credit: Photo by Spencer Platt/Getty Images)
  • Iran fired ballistic missiles at a US Navy aircraft carrier and destroyer in the Strait of Hormuz, and Washington answered hours later by disabling three Iranian oil tankers.
  • Tehran announced a future "restricted zone" that would start at the line of the US naval blockade and stretch into the Persian Gulf, though the measure is not yet in effect.
  • Brent crude closed at $96.28 a barrel — its highest level since July 24 — just as the White House tries to hold the conflict in check until the November 3 midterm elections.

An American aircraft carrier dodging Iranian ballistic missiles in the Strait of Hormuz. Three tankers knocked out of commission before nightfall in retaliation. And underneath it all, a number that's already hitting American wallets: the highest diesel price ever recorded in the US. What happened in the Gulf this weekend isn't an isolated flare-up — it's the clearest sign yet that Washington is racing against its own election calendar while the war with Iran keeps slipping further out of its control.

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