Oil prices hit wartime peak, with Brent crude touching $126 a barrel

Oil prices have reached a wartime high, with Brent crude surpassing $126 a barrel due to the ongoing conflict in Iran, which has tightened global energy supplies. Gasoline prices in the U.S. have also hit a new peak since the conflict began, with the national average rising to $4.30 per gallon, the highest since July 2022. California drivers face the steepest prices, averaging $6.01 per gallon. The prolonged war and the closure of the Strait of Hormuz have raised concerns about oil supply disruptions. Reports of potential escalation by President Trump have dampened hopes for a swift resolution. Despite high gas prices, Americans continue to spend, though Federal Reserve Chair Jerome Powell warns that further increases could impact consumer spending. Brent crude briefly hit $126 before settling lower, while U.S. crude fell to $104.97. Before the conflict, Brent crude was around $70 per barrel. QUESTION: How might prolonged high oil prices impact everyday life and the economy in the long term?