The oil price soared to its highest level since the Russia-Ukraine conflict began! Middle East warfare entering its third month, market severely underestimates the impact of "stagflation"

Zhitong Finance and Economics APP learned that as the Iran war in the Middle East enters its third month and international oil prices reach their highest level since 2022, the "stagflation risk" that affects global economic trends is rapidly accumulating. The Strait of Hormuz is still completely closed under the joint blockade of the United States and Iran, prolonging the largest energy supply system interruption in global history. Financial markets are finding it increasingly difficult to ignore the economic costs and consequences driven by the continuous escalation of the Iran war. This geopolitical conflict has been ongoing for two months, and the global economy may soon face a toxic macroeconomic combination of slowing growth and high inflation, known as "stagflation."