Economic ramifications of Israel/Iran conflict: 1. Oil prices could rise as high as 130/barrel, per JP Morgan 2. Iran currently produces 3.3 million barrels of oil per day, or ~3.5% of global supply 3. Oil at 130 would likely double US CPI inflation to ~5% 4. Interest rate cuts likely to be delayed further as a result 5. Strait of Hormuz shutdown seen as worst case scenario Without immediate de-escalation of this conflict, the global economy shift.