The specter of global inflation has returned to the forefront amid escalating tensions in the Middle East and the Gulf, especially against the backdrop of the ongoing war with Iran and threats to shipping in the Strait of Hormuz, one of the world's most important energy trade arteries. After global economies began to see signs of easing inflationary pressures following a wave of sharp price increases in recent years, recent geopolitical developments have once again raised concerns about a new wave of inflation driven by energy prices and global shipping costs. As everyone knows, the Strait of Hormuz holds a position of paramount importance in the international energy system, as a large portion of the oil and gas exports from the Gulf to global markets passes through it.
