Iran doubled down on its intent to block a crucial shipping passageway as the U.S. lifts some Russian sanctions to keep global oil access moving. In a written statement, Iran’s new supreme leader has now vowed to continue blocking the vital shipping passageway, the Strait of Hormuz. With Iran p lanning to continue its attacks on Persian Gulf neighbors, and with the U.S. and Israel continuing their military actions in the region, oil prices spiked again. As the situation unfolds, experts said that consumers should brace for a trickle-down of price increases in areas that go far beyond the gas pump. “If this thing continues, consumers are gonna see the effect of it on the food they buy, the clothes that they buy, anything that requires being transported,” Professor of economics at Cal State East Bay Farhad Sabetan said. This includes things like train fuel and airline tickets, according to Sabetan. “The economy works on energy and most of this energy is coming from crude oil,” Sabetan said. Outside of costs going up for physical goods, UC Berkeley Professor Anastassia Fedyk says increased energy prices could also lead to increased inflation and higher mortgage and interest rates. “And that does trickle down to consumers, so that does mean that mortgage rates can increase or not decline back to the level that we’ve seen a couple years ago,” Fedyk said. The Treasury Department lifted more Russia-related sanctions Thursday, allowing other countries to temporarily purchase Russian oil already in transit. UC Berkeley Professor Severin Borenstein said he does no expect this action to impact the oil prices, but if the policy continues, Russia could use the profits to wage war in Ukraine. “The real concern is that the Trump administration is paving the way to fully lift the sanctions on Russia, allowing Russia to sell more oil into a very high-priced oil market,” Borenstein said. Ultimately, these experts told NBC Bay Area the longevity and severity of these effects will depend on how long the was and the blockage of the Strait continues. ...read more read less