The Economic Times

Oil prices surge 18.5% after Iran conflict will the Strait of Hormuz crisis push inflation higher and delay Fed rate cuts? Prep for COVID-era rising gas prices now

Oil prices jumped 18.5% this week. Brent crude hit $84. WTI crossed $78. The surge follows the Iran conflict and rising Strait of Hormuz tensions, a route carrying about 20% of global oil supply. Markets fear tanker disruption. That risk alone lifts prices fast. Higher crude means rising gas prices, expensive petrol, and renewed inflation pressure. Investors now question Federal Reserve rate cuts in 2026. If oil stays above $80, economists warn the world could face COVID-era fuel inflation again.