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Impending US Strait of Hormuz blockade sends oil prices soaring 94%
4/13/2026, 11:58:53 AM
BS Summary: This video contains 19 faulty reasoning types, including Pessimism Bias, Availability Heuristic, and Overconfidence Bias, with Negativity Bias as the most egregious example at 40.7% saturation with 92 hits. Analysis detected 642 faulty-reasoning hits from 226 analyzed words, generating a BS Score of 91% and a BS Rank of 94% (1,016 of 16,813 videos). This video is worse (more manipulative) than 94.00% of the video peer group.
latest developments in the Middle East
are sending oil prices higher this morning.
Elizabeth Schulze joins us with more.
Good morning, Elizabeth. Good morning, Michael.
Stocks are set to open lower and oil is spiking more than 8% this morning.
Now back above $100 a barrel. That means we will likely see gas prices climb higher this week.
After 4 days of declines, the national average now $4.07 a gallon.
Diesel is at 5.61 a gallon, which is just 20 cents shy of its all-time high.
As of this morning, UPS and FedEx are implementing higher fuel surcharges, some up to 27% to cover those rising diesel costs.
Amazon surcharge on its sellers also takes effect this week.
And European airports are now warning that they could face shortages of jet fuel if the Strait of Hormuz does not open in 3 weeks.
These surging fuel costs are showing up across the economy.
Inflation is now at its highest level in nearly 2 years.
Moody's Analytics says the typical household is spending an extra $233 per month compared to last year because of inflation.
And if oil stays at this level for a year, that would add on another $1,400 in gas and diesel cost, George.
>> increases are hitting hard.
Okay,
Elizabeth, thanks very much.
Analysis
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