Could the US-Israel war with Iran fuel global inflation?

In March 2026, a war between the US, Israel, and Iran is causing significant disruption to global energy supplies. Attacks on Middle Eastern energy facilities and the effective closure of the Strait of Hormuz are rattling oil markets. The conflict is impacting consumers worldwide, from American drivers to European factories and Asian economies. While US President Trump downplays the rising oil prices as a necessary cost for security, investors are concerned about the potential for stagflation if the conflict continues. The energy supply shock is considered the largest in decades, raising concerns about widespread economic consequences.