Moody's warns Trump's Iran War costs US households $750, delivering a massive economic blow as surging gas prices erase recent tax refunds.

The economic impact of the Israeli-US war on Iran has cost American consumers almost $60bn in just three months, according to an analysis by Moody's Analytics shared with CNBC.

Elizabeth Warren criticizes Trump for causing excessive gas prices in the US, accuses oil executives of profiting from the Iran war.

US households are facing a US$450 energy bill surge as a result of the war in the Middle East, with Moody’s saying it could be four times that by next year

Moody's warns Trump's Iran War costs US households $750, delivering a massive economic blow as surging gas prices erase recent tax refunds.

The ongoing war in Iran has weighed on consumers and completely offset the benefits of Trump's tax cuts, Moody's Mark Zandi said.

"With the saving rate about as low as it ever goes ... [consumers] will have little choice but to rein in their spending, weighing further on the already sagging economy."

Economists warn the financial strain will weigh heavily on middle and lower-income families

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Economists warn the financial strain will weigh heavily on middle and lower-income families