> This is all being exacerbated by the disastrous war in Iran

No, why? US is an exporter, not importer of oil, so any price increase of crude oil is good for US. Maybe not consumers, but government (Venezuela had literal amine while exporting a lot of oil and honoring all of the international debt payments). So US must have more money to service its international debt.

▲

RealityVoid 23 minutes ago | parent | next [-]

What happens to the local price of oil if you are able to export the oil at a much higher price?

	▲	nonethewiser 4 minutes ago \| parent [-]
		[dead]

▲

enraged_camel 39 minutes ago | parent | prev [-]

>> US is an exporter, not importer of oil, so any price increase of crude oil is good for US.

It is good for US oil producers, who have indeed been making money hand over fist exporting oil at a premium. It certainly it not good for anyone else.