War with Iran has cost US households about $1,760 — CNBC
In the United States, rising oil prices and government bond yields are increasing financial pressure on households amid the war with Iran. According to a Moody’s Analytics estimate as of September 11, the additional financial burden on an American household since the start of the conflict amounted to about $1,760, CNBC reports.
Moody’s Analytics chief economist Mark Zandi estimated the additional energy costs at $930 per household. This category includes higher prices for gasoline, diesel fuel and jet fuel. Overall, US consumers have spent more than $121 billion extra on energy since the war began, Moody’s Analytics calculated.
Another $425 per household is attributable to higher interest rates, while $405 is linked to increased military spending. According to Zandi, these costs will ultimately be paid through growing government debt or taxes.
More expensive fuel and transportation
On Tuesday, the price of US oil exceeded $105 per barrel, reaching its highest closing level since mid-May. The average price of a gallon of gasoline in the United States exceeded $4.32 on the same day, up 6% from a month earlier and 36% from a year earlier, according to AAA.
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Diesel fuel prices exceeded $6 per gallon in recent days and reached record levels. They were about 70% higher than on the same day last year. Economists warned that companies could pass on the costs of more expensive diesel fuel used by freight carriers to consumers through higher prices for goods.
According to Deloitte, a 20% increase in oil prices adds about 0.3 percentage points to inflation. At the same time, this estimate does not take into account the indirect impact on the cost of airline tickets or food. According to the latest Bureau of Labor Statistics data, airline ticket prices in August were more than 23% higher year-on-year.
Rising borrowing costs
The yield on 10-year US Treasury bonds rose on Tuesday to its highest level since 2007 and was about one percentage point higher than a year earlier. This indicator serves as a benchmark for consumer loans and corporate financing. The average rate on a 30-year fixed-rate mortgage exceeded 7% this month for the first time in more than a year.
A University of Michigan survey showed that in July, 44% of respondents expected borrowing costs to rise over the next year, 10 percentage points more than a year earlier. According to government data for August, prices were rising faster than incomes amid higher energy costs, while the US personal savings rate in 2026 fell to levels rarely seen since the global financial crisis.
