Oil price shock from Iran conflict pushes US inflation higher

The conflict in Iran has caused a major disruption to global oil supplies, particularly through the Strait of Hormuz. This has led to a sharp increase in oil prices, which is now pushing up inflation in the United States.

US inflation has jumped to a two-year high of 3.3%, driven by the oil shock. The situation is expected to worsen, and the rising prices are contributing to a decline in American consumer confidence.