Iran war oil shock lifts eurozone inflation by 1.5 points
Greenpeace links Iran war oil prices today to most of the 2026 inflation climb in the US and eurozone, arguing faster renewables and electrification can shield household budgets.
Greenpeace says the Iran war oil shock and Strait of Hormuz closure drove most of the 2026 US inflation increase.
US consumer inflation rose from 2.4% in January to 3.4% in July 2026, peaking at 4.3% in May.
Without the oil crisis, July US inflation would have been about 2.6%, the analysis estimates.
Fossil fuel prices accounted for the full 1.5 percentage-point rise in eurozone inflation from January to August 2026.
A simulated electrified household with solar, batteries, an EV and a heat pump saw a 1.5% price rise versus 2.5% for the standard basket.