Gas Spending Jumped 16% for BofA Customers Amid the War in Iran

Bank of America Corp. saw its customers’ spending on gas soar 16% in March as the war in Iran led to a jump in oil prices.

For the quarter, spending on gas was up 3%, according to a presentation on the company’s website. BofA offered the breakdown as investors grow increasingly concerned that as consumers spend more on gas, they’ll pull back on discretionary items such as entertainment, travel and retail.