The return of conflict between the United States and Iran over the Strait of Hormuz has caused global energy prices to rise and created instability in international stock and currency markets.

美國與伊朗在霍爾木茲海峽再次爆發衝突，導致全球能源價格上升，並造成國際股市與貨幣市場的不穩定。

The current instability began after a preliminary ceasefire failed, leading to missile and drone attacks from both sides. The U.S. military has carried out several operations to reduce Iranian capabilities following attacks on commercial ships. In response, Tehran has claimed it will close the Strait of Hormuz, which is a vital route for about 20% of the world's oil. Furthermore, the U.S. government has decided to bring back a naval blockade and propose a 20% fee on cargo, which the U.S. Treasury describes as a necessary step to stop maritime extortion.

目前的不穩定始於初步停火協議失敗，導致雙方展開飛彈與無人機攻擊。在商船遭受攻擊後，美國軍方採取了多次行動以削弱伊朗的能力。作為回應，德黑蘭聲稱將封鎖霍爾木茲海峽，該航道承載了全球約20%的石油運輸，至關重要。此外，美國政府決定恢復海軍封鎖，並提議對貨物徵收20%的費用，美國財政部將其描述為阻止海上勒索的必要步驟。

These events have pushed energy prices higher, with Brent crude oil seeing its biggest single-day increase since 2020. This crisis is made worse by Russian diesel export bans and refinery damage caused by Ukrainian drones, which has forced Russia to import fuel instead of exporting it. Consequently, stocks of refined products have reached dangerously low levels, increasing the risk of a long-term energy shock that could disrupt global industry and farming.

這些事件推高了能源價格，布蘭特原油創下2020年以來最大的單日漲幅。由於俄羅斯禁止出口柴油，且烏克蘭無人機對煉油廠造成損毀，迫使俄羅斯從出口燃料轉為進口，使危機 further 加劇。因此，精煉產品的庫存已降至危險水平，增加了長期能源衝擊的風險，可能擾亂全球工業與農業。

At the same time, financial markets are dealing with inflation caused by the growth of artificial intelligence (AI) infrastructure. Huge spending by large tech companies has increased the cost of electricity and semiconductors, leading to higher prices for consumer electronics. Because of this AI-driven inflation and energy volatility, Federal Reserve officials, including Governor Christopher Waller and Chair Kevin Warsh, have suggested that interest rate hikes may be necessary soon to keep prices stable.

與此同時，金融市場正應對由人工智能（AI）基礎設施成長所引起的通貨膨脹。大型科技公司的巨額支出推高了電費與半導體成本，導致消費電子產品價格上漲。由於 AI 引發的通膨與能源波動，聯準會官員（包括理事 Christopher Waller 與主席 Kevin Warsh）建議，短期內可能需要調高利率以維持價格穩定。

Global markets remain in a fragile state as investors wait for new U.S. inflation data and hope for either a diplomatic agreement or a stop to the military escalation in the Middle East.

全球市場仍處於脆弱狀態，投資者正等待美國最新的通膨數據，並希望能達成外交協議或停止中東的軍事升級。