Effects of the war with Iran are being felt, with gas prices remaining above $4 for weeks. Mortgage rates are rising towards 7% and companies are adding surcharges to shipments to offset record diesel costs. These increases in the cost of living have lasted longer than initially expected.

The war has had a lasting impact on the global economy, altering the way the world does business. Prior to the war, ships from any country could freely pass through the Strait of Ormuz.

Further details on the economic changes caused by the war are available from the analysis by David Goldman, CNN.