Gas prices have surged past $3.50 per gallon as the ongoing conflict with Iran disrupts global oil supplies, marking the highest prices seen since 2024. The closure of the Strait of Hormuz, a crucial passageway for oil transport, has intensified fears of a significant oil squeeze. Experts warn that the current situation mirrors the economic challenges of the 1970s, with stagflation fears looming. As crude oil prices soar above $100 per barrel, major markets are experiencing volatility, with predictions of potential disruptions to pipelines and refineries that could exacerbate the global energy crisis. Amid rising costs, the U.S. government faces pressure to cut dependency on volatile oil markets, while the potential for escalating inflation raises concerns for consumers worldwide.