The blockade of the Strait of Hormuz following military engagements between the United States, Israel, and Iran has precipitated a surge in energy costs and heightened inflationary pressures within the United States.

美國、以色列與伊朗之間發生軍事衝突後，霍爾木茲海峽遭到封鎖，導致能源成本激增，並加劇了美國國內的通貨膨脹壓力。

The current geopolitical instability originated on February 28, following US and Israeli military actions against Iran, which prompted Tehran to obstruct the Strait of Hormuz. Given that this waterway facilitates the transit of approximately 20% of global petroleum liquids and liquefied natural gas, the blockade has significantly constrained supply. While crude oil prices have recently descended below $100 per barrel due to ongoing negotiations, retail gasoline prices remain elevated. In the United States, the national average reached $4.504 per gallon as of May 12, with regional disparities evident; for instance, North Carolina averages $4.145, while West Coast states such as California and Washington report substantially higher costs.

目前的地緣政治不穩定始於 2 月 28 日，在美國與以色列對伊朗採取軍事行動後，促使德黑蘭封鎖了霍爾木茲海峽。鑑於該水道承載了全球約 20% 的石油產品與液化天然氣運輸，此次封鎖嚴重限制了供應。雖然由於目前的談判，原油價格近期已降至每桶 100 美元以下，但零售汽油價格依然高企。在美國，截至 5 月 12 日，全國平均價格達到每加侖 4.504 美元，且地區差異明顯；例如北卡羅來納州平均為 4.145 美元，而加州與華盛頓等西岸州則報告了高出許多。

From a macroeconomic perspective, the Labor Department reported a year-on-year Consumer Price Index (CPI) increase of 3.8% in April 2025. The energy sector experienced the most acute volatility, with a 17.9% annual increase. Although core inflation—excluding food and energy—remains relatively contained at 2.8%, the broader inflationary trend persists above the Federal Reserve's 2% target. This economic climate has adversely affected corporate performance, as evidenced by Whirlpool's reported 10% revenue decline, which the firm attributed to a recession-level industry contraction and diminished consumer confidence.

從宏觀經濟角度來看，勞工部報告 2025 年 4 月的消費者物價指數（CPI）年增率為 3.8%。能源部門的波動最為劇烈，年增幅達 17.9%。儘管排除食品與能源後的核心通膨率相對受控在 2.8%，但整體通膨趨勢仍高於聯準會 2% 的目標。這種經濟氣候對企業表現產生了不利影響，如惠而浦報告營收下降 10%，該公司將其歸因於產業出現衰退級別的萎縮以及消費者信心下降。

Institutional responses remain fragmented. The Federal Reserve has adopted a cautious posture regarding benchmark interest rate adjustments, awaiting data on the duration of the conflict. This has led to friction with the executive branch; President Trump has criticized the Federal Reserve's reluctance to implement rate reductions. The anticipated confirmation of Kevin Warsh as the successor to Jerome Powell introduces further uncertainty regarding future monetary policy. Simultaneously, financial markets have shifted their sentiment toward a 'Nacho' narrative, reflecting a prevailing institutional belief that the reopening of the Strait of Hormuz is improbable in the immediate term.

機構反應仍然碎片化。聯準會對基準利率調整採取謹慎姿態，等待關於衝突持續時間的數據。這導致了與行政部門的摩擦；川普總統批評聯準會不願實施減息。Kevin Warsh 預計將接任 Jerome Powell，這為未來的貨幣政策引入了更多不確定性。與此同時，金融市場的情緒轉向一種「Nacho」論調，反映出機構普遍認為霍爾木茲海峽在短期內重新開放的可能性不高。

The United States continues to experience elevated consumer prices and economic instability as a direct consequence of the ongoing blockade of the Strait of Hormuz and the resulting energy supply constraints.

由於霍爾木茲海峽持續封鎖以及隨之而來的能源供應限制，美國將繼續面臨消費者價格高企與經濟不穩定的情況。