$US84.22 — That's Brent crude this morning, up another 1.1% on top of a 9% overnight surge (its biggest single-day jump since 2020). Donald Trump's fresh Hormuz blockade — complete with a proposed 20% toll on all cargo ships transiting the strait — has reignited the inflation fuse just as markets were hoping things would cool. Money markets are now pricing in a ~50% chance of a Fed rate hike in July, and Australian households are about to feel it...