Oil spiked to $118/barrel this week on news of Iran's new hardline leader and a near-total shutdown of the Strait of Hormuz. Prices pulled back on rumors of a G7 emergency oil release—but as of today, no reserves have been released, and no decision has been made. While markets wait, working people pay: fuel, food, and freight costs rise within days, but relief when prices fall is slower and often kept by refiners and sellers. Here's what's happening, who bears the cost, and practical steps you can take this week to protect your household and community.