„Regions noted that energy costs related to the conflict in the Middle East were a major inflationary factor, affecting prices for transportation, packaging, food products, and fertilizers,“ the FED states in its latest review of economic conditions in the United States.
As is known, the US and Israel started a war with Iran on February 28. The latter responded with strikes against Washington’s allies in the region and practically blocked the Strait of Hormuz, through which approximately one-fifth of the world’s oil and gas is transported in peacetime. This blockade led to a surge in energy prices and severely disrupted supply chains.
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