Story summary
In a war between the US and Iran that began six months ago, the economic situation inside Iran has severely deteriorated. With fuel prices doubling overnight and inflation reaching 300%, many Iranians face dire financial hardships, leading to a significant decrease in consumer purchasing power. Hashem, who runs a fast-food shop near Tehran, noted skyrocketing ingredient costs have erased any profit margins for small businesses.
Meanwhile, US President Donald Trump has asserted that the war will end "immediately" after November's midterm elections and oil prices would subsequently drop. However, experts and even some of his advisors disagree, suggesting Iran could prolong the conflict through its economic resilience. Despite this, Trump continues to justify the prolonged military action as necessary to prevent Iran from acquiring nuclear weapons.
The conflict has also strained US defense resources, with critical shortages of drones, missiles, and defense systems leading to a reliance on expensive long-range weapons. This war, initially predicted to last only four or five weeks, is now in its seventh month, causing significant public disapproval in the U.S., with 69% of Americans disapproving of Trump's handling of the war.
Written for “Iran War End Speculation” on 2026-09-14,
grounded in this article and the 155 other(s) covering the same event.
The price of oil jumped Monday after Saudi Arabia shut a critical pipeline and talks about the future of the Strait of Hormuz were postponed.
asserted
talks → jump → Hormuz
The international oil benchmark, Brent crude, rose as high as $108, while U.S. crude oil touched $103 per barrel.
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oil → rise → barrel
Monday’s jump in prices came after the attacks on the East-West Pipeline, a key route for energy supplies that became even more critical due to the ongoing stalemate in the Strait of Hormuz, where vessel traffic has barely reached double digits in recent days.
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traffic → come → days
Saudi Arabia’s energy ministry said Friday that “the pipeline was shut down as a precautionary measure.”
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pipeline → say → measure
It did not say when the pipeline would be operational again.
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pipeline → say → ?
The attacks came as the Iran-backed Houthi rebels in Yemen made sweeping gains that tightened their grip on the Bab el-Mandeb Strait, another critical waterway.
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that → come → Strait
“Uncertainty about the duration of the closure is a key point of focus now in terms of knock-on consequences for global supply and energy prices,” said analysts at Lloyd’s Bank.
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analysts → knock → Bank
Adding to investors’ worries, a meeting between Iran and Gulf countries regarding Hormuz was postponed on Sunday afternoon.
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meeting → add → afternoon
That meeting, set for Monday, was delayed “in the interests of consensus,” Oman’s foreign minister wrote on X.
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minister → set → consensus
Tehran said the meeting was postponed at the request of Riyadh.
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meeting → say → Riyadh
On Monday, the Saudi state-run news agency said that Crown Prince Mohammed bin Salman met with U.S. Central Command Admiral Brad Cooper in Jeddah.
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Salman → say → Jeddah
Traffic through Hormuz remain at just a fraction of pre-Iran war levels.
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Traffic → remain → levels
On Sunday, just 14 vessels passed through the strait, and that number was only 12 on Saturday, 11 on Friday, and nine on Thursday, according to data from MarineTraffic.
uncertain
number → pass → MarineTraffic
With crude oil prices rising as a result of those disruptions, so did gasoline prices.
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prices → rise → disruptions
On Monday, the national average price of unleaded regular gas rose to $4.31 per gallon, according to AAA.
uncertain
price → rise → AAA
The national average price of regular gas has risen more than 45% since the war with Iran started.
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war → rise → Iran
The price of U.S. crude oil has soared more than 50% since the war started on Feb. 28.
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war → soar → Feb.
On top of that, the price of diesel fuel continues to set new all-time highs.
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price → continue → highs
The national average price of diesel rose to $6.23 per gallon on Monday, AAA also reported.
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AAA → rise → Monday
That commercial fuel, which is used in everything from trucking to boat transportation to trains, has become a particular focus for economists who say it could cause almost “everything” to cost more.
uncertain
everything → use → more
“The cost of diesel gets into just about everything,” KPMG chief economist Diane Swonk said in a recent interview with NBC News.
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Swonk → get → News
“From running a farm ... [to the] cost of food, but also everything across the economy that’s shipped,” she said.
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she → run → economy
When diesel prices rise, everything “gets that extra fee tacked onto it.”
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fee → rise → it
Swonk predicted that the high cost of diesel will be an “inflationary problem” for months to come.
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cost → predict → months
On Sunday, President Donald Trump sought to act on the issue by urging Ukraine to halt attacks on Russian energy targets.
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Trump → seek → targets
Speaking to reporters during an appearance at the Irish Open in Doonberg, Ireland, Trump said he recently spoke to Ukrainian President Volodymyr Zelenskyy and asked him to stop targeting Russia’s oil refining infrastructure, particularly due to what is happening with the soaring price of diesel fuel.
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what → speak → fuel
“Mr. Zelenskyy has to do one thing,” Trump said, “he has to stop knocking out diesel fuel in Russia.”
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he → have → Russia
“Let him go after targets, but not diesel fuel, because he’s causing a shortage of diesel fuel,” the president continued.
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president → let → fuel
“Don’t hit diesel fuel because that’s hurting the world.”
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that → hit → world
“The growing scale and intensity of Ukrainian attacks on Russian refineries this year have pushed Moscow to ban diesel exports,” ING commodities analysts noted Monday.
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analysts → grow → exports
“This has only tightened global markets, following Persian Gulf disruptions.”
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This → tighten → disruptions
Russia’s ban on diesel exports is set to expire at the end of September, but “clearly, there is the potential for further extensions,” ING’s team said.
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team → set → extensions
After falling to as low as $4.77 per gallon in late June, new escalations between Ukraine and Russia have driven diesel prices 30% higher.
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escalations → fall → prices
Since the start of the year, diesel prices have soared 75%.
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prices → soar → year
