The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.
The CPI data due this month will be the first hard measure of American consumer prices since the Strait of Hormuz became a conflict zone, and every early signal points to a number that will shock people who stopped paying attention to energy transmission mechanisms after 2022.
"A more decentralized energy system, with a growing share of renewables and more market players, is structurally more resilient. Countries that invested in the energy transition are weathering this crisis with less economic damage, as they boost energy security, resilience and competitiveness."
