The rise in oil prices has revived inflation fears (Frederic J. Oil prices are up around 10 percent in the past five days and are trading near their highest levels since early June. "But rising crude oil prices... and further delays in reopening the Strait of Hormuz, have introduced fresh inflation risks." But the prospect of Hormuz staying shut and oil prices remaining elevated has revived concerns over inflation and boosted the chances of higher interest rates. "Labour-market cooling can justify patience, but energy-driven inflation can undermine that patience if it lifts headline CPI, gasoline prices and household inflation expectations," he said.