The U.S. military has conducted strikes against Iran for the first time in weeks, and Iran has retaliated, raising questions about what comes next and how the escalating conflict could impact gas prices.
U.S. Central Command told Scripps News that Iran was preparing to launch sea mines into the Strait of Hormuz Sunday when the U.S. military took action, striking two Iranian launchers. Iran retaliated overnight, launching ballistic missiles in the direction of a U.S. base in Jordan.
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The head of the national security commission of Iran's parliament posted on social media Sunday.
"Test our will once more, and pay a heavier price. Retaliation is coming; JUST RUN!"
A spokesman for U.S. Central Command told Scripps News the U.S. military is monitoring the area closely and remains prepared to protect the free flow of commerce through this essential waterway.
The weekend action marks a change from the past week, in which the U.S. was focusing on increased economic pressure on Iran. Treasury Secretary Scott Bessent told the Associated Press that new sanctions on banks that help with Iranian financial transactions are part of that effort.
Meanwhile, the latest military action could impact oil and gas prices to close out a month that will set records in the U.S. According to AAA, gasoline prices have never been above $4 a gallon as a national average every day in the month of August prior to this year.
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Iran is not the only factor that could impact what Americans pay at the pump. On social media, President Trump announced his intention for a new oil deal involving Venezuela's oil.
"One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves," President Trump said.
Currently, the nation's strategic reserve is at its lowest levels since the early 1980s, a development that has rattled energy markets.
