US drivers may soon see pump prices climb back up to $4

Higher fuel costs could complicate the inflation outlook after price pressures eased more than expected in June as energy prices retreated.

"While June's inflation data reflected easing price pressures largely due to lower energy costs, a sustained increase in gasoline prices throughout July could quickly alter that narrative," said Simon-Peter Massabni, head of business development at XS.com.

"The impact extends beyond fuel itself. Higher gasoline prices feed into transportation costs, freight rates, and broader logistics expenses, which eventually pass through to the prices of goods and services across the economy," Massabni said.

If the hostilities boil over and the Strait remains more or less closed for a few weeks, already extraordinarily low global oil inventories will be further depleted, Mark Zandi, chief economist at Moody's Analytics, said in an email.