California on edge: Oil shock looms as Middle East supply crunch hits the US

Synopsis California may face fuel price rises after Iran blocked the Strait of Hormuz. Oil shipments dropped sharply, creating fears of shortages. Experts say West Coast supply is more at risk due to heavy Middle East dependence and refinery closures. Asia is hit harder, but U.S. costs may still increase. Even if shipping resumes, normal supply could take weeks to return. Iran has blocked the Strait of Hormuz, slowing oil shipments from the Persian Gulf almost completely. Experts warn this could cause a big energy shock and hurt some parts of the U.S. economy soon. Analysts at JPMorgan Chase said…