Americans weary of high prices have recently been able to count on cheap gasoline to offset sticker shock at the grocery store and beyond. The Iran conflict threatens to throw that off course.

The ongoing conflict in Iran poses a threat to the current relief Americans have been experiencing from low gasoline prices, which have helped mitigate the impact of rising grocery costs. Despite the differences between today's economic landscape and that of the 1970s, disruptions in the global oil market can still have significant effects.