60 Minutes · Energy cost spike from Iran war sends inflation soaring to highest level in nearly 3 years

1. 1. Inflation reached a three-year high of 3.8% in April, driven by increasing energy prices.
2. 2. Closure of the Strait of Hormuz is directly driving higher global oil and gasoline prices.
3. 3. Current $99 oil prices are lower than experts' initial $150-$200 predictions for this disruption.
4. 4. If the Strait of Hormuz disruption lasts, oil and gasoline prices will significantly increase further.
5. 5. Even if the Strait reopens, oil and gasoline prices will not revert to previous low levels.