US gas prices hit $4.43/gal, up 61% since December amid Strait of Hormuz tensions and oil at $126/barrel.

US gas prices surged to $4.43 per gallon, a 61% increase since December, driven by oil prices reaching $126 per barrel amid escalating tensions in the Strait of Hormuz. California's gas prices neared record highs, impacting consumer costs significantly. The Federal Reserve noted elevated inflation linked to rising energy prices, with potential interest rate hikes expected. Prolonged closure of the Strait of Hormuz could disrupt travel plans and hurt airlines and cruise industries.