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Story summary
- Oil prices rose as the war with Iran restricted access to the Strait of Hormuz.
- Tim Cassidy of Cassidy’s Jewelry & Loan noted a surge in loans as people seek cash for essentials.
- Middle-income earners are turning to pawn shops, with reports of expensive items being pawned.
- Analysts say the rise in pawn shop activity signals economic distress, and gas prices rose from $2.92 to $4.12 per gallon in March.
