The world economy is experiencing the most severe oil shock in decades due to the Iran war, according to some analysts. The rising oil prices have already impacted the global economy, with concerns that the disruption could occur over weeks and months and leave no areas untouched. The global oil price benchmark, Brent crude, briefly topped $119 a barrel last week, a level last seen in July 2022. However, even these new highs could be eclipsed if the conflict continues to remain unsettled. The Strait of Hormuz, a key hub for oil supply, has been a major bottleneck for global oil and liquified natural gas transport. The impact on U.S. drivers has already been significant, with average gasoline prices rising to $3.99 per gallon, and diesel prices just below the record price seen in June 2022.