CATCH ME UP
Military exchanges between the U.S. and Iran in the Strait of Hormuz have driven oil prices higher.
U.S. gas prices have reached a record $4.14 a gallon, according to one report.
Fuel and diesel prices are surging, adding to travel and household costs.
One report says the price spike is raising costs for American consumers ahead of the midterm elections.
Why it mattersRising fuel costs and supply disruption could hit consumers, markets, and global energy security next.
More context
Shipping and oil tanker disruptions are part of the reporting on the market impact.
Energy experts and U.S. officials are cited discussing possible future price trends.