The data on gross domestic product offered the first official snapshot of how the US economy is broadly faring since the oil shock from war with Iran began to work its way through prices and business decisions.
The effective closure of the Strait of Hormuz has sent oil prices soaring by more than 60 percent. The price of Brent crude, the global benchmark, jumped up to $120 a barrel this week from a prewar level of around $70 a barrel in February.
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Source: The Boston Globe | Published: 2026-04-30T22:21:46Z
Credit: The Boston Globe
