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US Trade Prices Surge on Energy Spike From Iran Tensions

Import and export prices climbed sharply in April, marking the largest increase since 2022 as crude oil markets reacted to escalating tensions in Iran. The jump in energy costs rippled across the transportation sector, driving wholesale inflation to its fastest pace since 2022. Gasoline prices rose significantly throughout the month, pushing consumer inflation to 3.8% year-over-year—the highest level since 2023. The energy-driven price surge created headwinds for emerging economies dependent on fuel imports while strengthening the US dollar. Consumer spending showed resilience despite sharply higher gasoline prices. Freight operators faced mounting pressure from elevated fuel surcharges, and global supply chains contended with higher energy costs as oil markets remained volatile.