The cost of gasoline is expected to increase by over $3 per gallon due to the United States and Israel's escalating military action in Iran. This comes after three tankers were damaged in weekend bombings off the Gulf coast in retaliation for the surprise U.S. and Israeli air strikes. The Iranian government has also closed the Strait of Hormuz, a vital passageway for tankers transporting nearly a fifth of the world's oil. The shipping association warns that ships with business connections to U.,S. or Israeli interests are more likely to be targeted, possibly deliberately or otherwise.