The U.S. Labor Department said Wednesday May CPI rose 4.2% YoY, up from April’s
3.8% and the strongest annual increase since April 2023. Energy costs—boosted
since late-February strikes by the U.S. and Israel against Iran—are sustaining
upward price pressure and have damped consumer confidence. There is little sign
that tankers will gain sustained transit through the Strait of Hormuz, implying
continued supply-side strain in global energy markets.