Effects of the Iran war are rippling beyond the Middle East and into the spending habits of American consumers, who are seeing price surges for gasoline and other items.

The Strait of Hormuz is a small strip of water connecting the Persian Gulf to the world’s oceans.

Iran lashed out Wednesday with multiple attacks on its Gulf neighbors and Israel following the killing of one of its top leaders in an airstrike, using some of its latest missiles to evade air defense...