I just checked the latest energy market, and oil prices are starting to stir again. After Trump ordered the blockade of the Strait of Hormuz, WTI crude oil directly pushed through the $104 mark, with a gain of over 8%; Brent also followed, and is now hovering around $102. The impact on oil prices is pretty intense.

The most straightforward takeaway is that gas stations are going to raise prices. The average U.S. gasoline price is already $4.12 per gallon, which is up by 53 cents compared to a month ago. JPMorgan is also putting out a warning: if the strait really is blocked, gasoline could jump to $5 per gallon. The physical oil market is also tight right now—dated Brent is priced at $126, which is far higher than the futures contract, indicating the market is truly short on supply.

What’s interesting is that this round of oil price increases doesn’t just affect oil prices themselves—it also pushes up inflation expectations. Both WTI and Brent are holding steady above $100, a level that often makes economists start to worry. It feels like this geopolitical risk may keep simmering and building for a while.