Gas prices rise as Iran war revives fears of Iraq-era oil spikes

The escalating Iran conflict is drawing comparisons to the 2003 Iraq war, when oil prices and gasoline costs surged. Fresh fears of supply disruptions through the Strait of Hormuz are rattling global energy markets and fueling inflation concerns. But key differences, including higher interest rates, rising federal debt and the United States’ role as the world’s largest oil producer, could reshape how this geopolitical shock affects households and the overall economy.