US inflation jumps to 3.8% as energy costs surge from Iran war
🔴 Tension RisingBBC2026-05-12
The war in Iran and the resulting closure of the Strait of Hormuz have led to a surge in oil prices, causing a significant increase in gasoline prices in the US. This is a major driver of US inflation, reducing the likelihood of interest rate cuts by the Federal Reserve. The situation poses a challenge to President Trump's re-election campaign, given his past promises to combat inflation.