Consumer sentiment fell to a record low in April, largely due to weeks of U.S.-Israeli strikes in Iran that have significantly impacted oil prices globally. Consumer confidence has dropped nearly 11 percent since March, a trend that started after the countries launched a joint military campaign against Iran. The conflict led to the closure of the Strait of Hormuz, a major passageway for oil shipments, which has worsened markets and increased oil and gas prices worldwide. Despite a two-week ceasefire deal with Iran, there are concerns about Iran's willingness to allow tankers to pass through the strait. The University of Michigan surveyed consumers' assessment of their personal finances and business conditions also decreased.