A report cited by The Independent indicates that Americans have collectively spent around $59 billion more on fuel since the escalation of conflict involving Iran under President Donald Trump’s administration.

The analysis, attributed to Moody’s chief economist Mark Zandi and discussed on CNBC, estimates that this increase translates to roughly $450 per US household.

The higher costs are mainly driven by increased gasoline prices, with additional pressure from diesel and aviation fuel, which in turn raises transport and airline costs.

According to the report, these additional expenses have already outweighed the recent rise in federal tax refunds, which averaged about $380 per household this year.By mid-May, fuel-related costs had surpassed the benefit of these refunds, leaving households effectively worse off.

Economists warn that continued geopolitical instability could further strain consumer finances, with potential knock-on effects for overall spending and economic growth.Goldman Sachs has also warned that inflationary pressures linked to higher energy prices could dampen spending growth for the rest of the year.

Meanwhile, oil market volatility has kept US petrol prices significantly higher than a year earlier, even though there has been a slight weekly decline.The White House has argued that stabilising the situation in the Strait of Hormuz would help reduce energy costs and restore economic confidence.

President Trump has previously downplayed concerns over rising fuel prices, suggesting they are temporary and justified by broader security objectives.

Despite some policy measures, such as suspending the Jones Act to ease fuel transport, analysts say these steps have had limited impact so far due to broader market and geopolitical factors.

Overall, the article highlights how geopolitical tensions are feeding into inflationary pressures, placing additional financial strain on American households and raising concerns about consumer spending in the months ahead.