Trump is considering resuming military actions against Iran, and Iran is not idle either — 30 out of 33 missile positions in the Strait of Hormuz remain combat-ready, Tehran province is conducting military exercises simultaneously, and they have also filed a lawsuit with an international arbitration body.

An even more noteworthy detail is: the US military has adjusted the routes of 65 merchant ships, 4 of which are directly unable to operate; the UK has also announced the deployment of drones, fighter jets, and warships to participate in the Hormuz operation. This is no longer just rhetoric, but a real redeployment of military resources.
The Strait of Hormuz is a critical choke point for global oil transportation. If shipping costs are pushed higher, the chain of oil prices → inflation → expectations of rate cuts will be tightened again. For risk assets, short-term risk aversion may be more damaging than the CPI data itself. 🌊