The market’s biggest concern is that Iran could disrupt flows through the Strait of Hormuz—a vital artery for about a quarter of the world’s seaborne oil.

Oil companies will impose steep fuel price hikes this week as the war between Israel and Iran pushed up the costs of importing oil. However, the price increases would be imposed on a staggered basis.

Average fuel prices across Florida are notably higher to open the work week June 23 than they were seven days ago amid decline to start summer travel.