Crude oil rates are close to $100 per barrel, and inflation in the US has reached its peak in several years as the Strait of Hormuz continues to be mostly shut down amid the ongoing conflict between the US and Iran. Reports from Reuters and CNBC highlight that the global energy crisis, ignited by Iran's strait closure — which accounts for 25% of the world's maritime oil transport and 20% of global LNG shipments — is now significantly contributing to the rise in gas prices and overall consumer costs in America. Officials from the Federal Reserve have indicated the possibility of further interest rate hikes, which could jeopardize the US economy during a crucial period.
