Dallas Fed: The US economy is far more resilient to oil price shocks than in the 1980s.

A recent study by the Dallas Federal Reserve estimated that the surge in oil prices to over $120 per barrel last spring caused a reduction in US economic output of about 0.3 percentage points, but this impact was much lower than the effects of similar oil shocks in the 1980s, when the US was more reliant on oil imports. The war launched by the US against Iran caused a global decrease in oil supply of about 15%, with shipping through the Strait of Hormuz disrupted, leading to turmoil in the global commodity markets, with prices rising, some regions facing shortages, and overall demand decreasing.