Global Oil and Inflation Shock

U.S. consumer prices jumped 0.9% in March, the largest monthly increase in four years, largely due to a 21% spike in gasoline costs.

The economic fallout of the Iran war is being felt globally, as shipping through the Strait of Hormuz remains severely constrained by high insurance premiums and naval mine threats.

Analysts warn that the energy shock is derailing growth prospects for major economies, including India and several EU member states.

President Trump has vowed to reopen the waterway 'with or without' Iran's cooperation as peace talks begin.