War in Iran is affecting your grocery bills
The conflict in Iran is causing big delays for ships moving through the crucial Strait of Hormuz, which means oil and important goods like medicine, chips, and fertilizers are getting stuck.
To avoid trouble, many cargo ships are waiting around or taking a much longer (and pricier) route around Africa—so everything's taking more time and costing more money.
Experts warn of potential price hikes and shortages
Experts warn that if this keeps up, we could see shortages and price hikes for everyday essentials.
As Professor Patrick Penfield puts it: "As this conflict keeps progressing, you'll start to see some shortages, you'll see some major price increases."
Right now, about 3,200 ships, or about 4% of global ship tonnage, are idle inside the Persian Gulf, including about 1,231 that likely only operate within the Gulf.
Plus, with airspace restrictions making air cargo tricky too, expect shipping costs to keep climbing across the board.