{"id":64075,"date":"2026-04-11T09:10:38","date_gmt":"2026-04-11T09:10:38","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=64075"},"modified":"2026-04-17T00:54:39","modified_gmt":"2026-04-17T00:54:39","slug":"first-wave-of-gulf-war-hits-cpi","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/","title":{"rendered":"First Wave of Gulf War Hits CPI"},"content":{"rendered":"<h4>Key Points<\/h4>\n<ul>\n<li>CPI jumped by almost 0.9% in March, fueled by a steep rise in crude oil prices.<\/li>\n<li>A 21.2% jump in gasoline prices accounted for nearly three quarters of the monthly \u200bCPI increase.<\/li>\n<li>We expect further waves as rising costs reach agriculture, mining, and transportation before filtering through to the broader economy.<\/li>\n<li>The S&amp;P 500 stalled at 6800.<\/li>\n<li>University of Michigan consumer sentiment plunged to its lowest level since the late 1970s.<\/li>\n<\/ul>\n<hr \/>\n<p>The first wave of price hikes hit CPI in March, with the index jumping 0.865%, fueled by a steep rise in crude oil prices driven by the war in the Persian Gulf.<br \/>\n<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-04-10-cpi-core-m.png?resize=525%2C372&#038;ssl=1\" alt=\"CPI &amp; Core CPI - Monthly\" width=\"525\" height=\"372\" \/><\/p>\n<i>[Content protected for Premium, Australian Growth, International Growth, Market Analysis members only]<\/i>\n&#8230;.. If you are already a subscriber, please login to continue reading:<\/p>\n<div style=\"width:400px;max-width:90%;margin:auto;\"><div class=\"WishListMember_LoginMergeCode\"><div class=\"wlm-ajax-login\"><div class=\"wlm-ajax-login-form\"><form action=\"https:\/\/thepatientinvestor.com\/wp-login.php\" method=\"post\" class=\"wlm_inpageloginform\">\n<input type=\"hidden\" name=\"wlm_redirect_to\" value=\"wishlistmember\" \/>\n<input type=\"hidden\" name=\"redirect_to\" value=\"wishlistmember\" \/>\n<div class=\"wlm3-form\">\n<div class=\"wlm3-form-group\"><label>Username or Email Address<\/label><input name=\"log\" class=\" wlm3-form-field fld\" id=\"wlm_form_field_log\" type=\"text\" value=\"\"><\/div>\n<div class=\"wlm3-form-group\"><label>Password<\/label><span class=\"wishlist-member-login-password\"><input name=\"pwd\" class=\" wlm3-form-field fld\" id=\"wlm_form_field_pwd\" type=\"password\" value=\"\"><a href=\"#\" class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/a><\/span><\/div>\n\n<div class=\"wlm3-form-group\"><label><input name=\"rememberme\" class=\" form-checkbox fld\" id=\"wlm_form_field_rememberme\" type=\"checkbox\"  value=\"forever\"> Remember Me<\/label><\/div>\n<p><input name=\"wp-submit\" class=\"\" id=\"wlm_form_field_wp-submit\" type=\"submit\" value=\"Login\"><\/p>\n\n<p>\n<a href=\"https:\/\/thepatientinvestor.com\/wp-login.php?action=lostpassword\">Lost your Password?<\/a>\n<\/p>\n<\/div>\n<\/form><\/div><form method=\"post\" action=\"https:\/\/thepatientinvestor.com\/wp-login.php?action=wishlistmember-otl\" class=\"wlm-ajax-login-form-otl\" style=\"display: none;\"><div class=\"wlm-ajax-login-notice -permanent\">Please enter your username or email address. 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You will receive an email message with instructions on how to reset your password.<\/div><div class=\"wlm3-form\"><div class=\"wlm3-form-group\"><label>Username or Email Address<\/label><input name=\"user_login\" class=\" wlm3-form-field fld\" id=\"wlm_form_field_user_login\" type=\"text\" value=\"\"><\/div><p><input name=\"wp-submit\" class=\"\" id=\"wlm_form_field_wp-submit\" type=\"submit\" value=\"Get New Password\"><\/p><input name=\"action\" class=\" wlm3-form-field fld\" id=\"wlm_form_field_action\" type=\"hidden\" value=\"lostpassword\"><p><a href=\"https:\/\/thepatientinvestor.com\/wp-login.php?action=login\">Log in<\/a><\/p><\/div><\/form><\/div><\/div><\/div>\n<p>If you are not a subscriber, to find out more <a href=\"https:\/\/thepatientinvestor.com\/index.php\/subscribe\/\">click here<\/a>\n","protected":false},"excerpt":{"rendered":"<p>Key Points CPI jumped by almost 0.9% in March, fueled by a steep rise in crude oil prices. A 21.2% jump in gasoline prices accounted for nearly three quarters of the monthly \u200bCPI increase. We expect further waves as rising costs reach agriculture, mining, and transportation before filtering through to the broader economy. The S&amp;P &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;First Wave of Gulf War Hits CPI&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5402,4738,5282,44,3761,9,13,4547,19,6106,34,35],"tags":[7265,69,5115,7256,7257,815,818,854,7264,5335,4514,6831,1073,4485,3204,5068,5228,7263],"class_list":["post-64075","post","type-post","status-publish","format-standard","hentry","category-base-metals","category-copper","category-critical-materials","category-crude-oil-natural-gas","category-gdp-and-activity","category-gold-precious-metals","category-inflation-economy","category-lithium","category-middle-east","category-uranium","category-us-canada-countries-regions","category-us-dollar-index","tag-1-year-inflation-expectations","tag-10-year-treasury-yield","tag-aluminium","tag-brent-crude-futures-ice-june26","tag-brent-crude-spot-prices","tag-copper","tag-core-cpi","tag-cpi","tag-cpi-airline-fares","tag-cpi-food","tag-critical-materials","tag-current-economic-conditions-index","tag-dollar-index","tag-lithium","tag-spot-gold","tag-university-of-michigan-consumer-sentiment","tag-uranium","tag-wti-crude-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Wave of Gulf War Hits CPI - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Wave of Gulf War Hits CPI - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Key Points CPI jumped by almost 0.9% in March, fueled by a steep rise in crude oil prices. A 21.2% jump in gasoline prices accounted for nearly three quarters of the monthly \u200bCPI increase. We expect further waves as rising costs reach agriculture, mining, and transportation before filtering through to the broader economy. 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The S&amp;P &hellip; Continue reading \"First Wave of Gulf War Hits CPI\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2026-04-11T09:10:38+00:00","article_modified_time":"2026-04-17T00:54:39+00:00","og_image":[{"url":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-04-10-cpi-core-m.png","type":"","width":"","height":""}],"author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"First Wave of Gulf War Hits CPI","datePublished":"2026-04-11T09:10:38+00:00","dateModified":"2026-04-17T00:54:39+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/"},"wordCount":1185,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-04-10-cpi-core-m.png","keywords":["1-Year Inflation Expectations","10-Year Treasury Yield","Aluminium","Brent Crude Futures (ICE June'26)","Brent Crude Spot Prices","Copper","Core CPI","CPI","CPI Airline Fares","CPI Food","Critical Materials","Current Economic Conditions Index","Dollar Index","Lithium","Spot Gold","University of Michigan: Consumer Sentiment","Uranium","WTI Crude Oil"],"articleSection":["Base Metals","Copper","Critical Materials","Crude Oil &amp; Natural Gas","GDP and Activity","Gold &amp; Precious Metals","Inflation","Lithium","Middle East","Nuclear Energy &amp; Uranium","US &amp; Canada","US Dollar Index"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/","name":"First Wave of Gulf War Hits CPI - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#primaryimage"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-04-10-cpi-core-m.png","datePublished":"2026-04-11T09:10:38+00:00","dateModified":"2026-04-17T00:54:39+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#primaryimage","url":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-04-10-cpi-core-m.png","contentUrl":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-04-10-cpi-core-m.png"},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/11\/first-wave-of-gulf-war-hits-cpi\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"First Wave of Gulf War Hits CPI"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-gFt","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":56709,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/08\/15\/path-is-now-clear-for-a-fed-rate-cut\/","url_meta":{"origin":64075,"position":0},"title":"Path is now clear for a Fed rate cut","author":"Colin Twiggs","date":"August 15, 2024","format":false,"excerpt":"Low July CPI boosted Treasuries, with the 10-year yield falling to 3.82% in anticipation of a Fed rate cut next month. The S&P 500 advanced but lacks conviction as financial markets warn of tightening liquidity. Gold failed to break resistance at $2,475 per ounce, retracing to test short-term support. 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Financial markets give mixed signals, with declining commercial bank reserves and Bitcoin weakening. But the Chicago Fed Financial Conditions Index continues to signal monetary easing. Precious metals rallied\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-10-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-10-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-07-10-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":52885,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/05\/16\/lower-cpi-boosts-stocks-and-precious-metals\/","url_meta":{"origin":64075,"position":2},"title":"Lower CPI boosts stocks and precious metals","author":"Colin Twiggs","date":"May 16, 2024","format":false,"excerpt":"Lower monthly CPI readings for April boosted financial markets, with long-term Treasury yields and the Dollar falling, while stocks and precious metals soared. CPI Inflation CPI eased to 3.4% for the 12 months to April, while core CPI was also lower at 3.6%. Monthly growth was close to 0.3% (3.6%\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"CPI & Core CPI","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-15-cpi-core.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-15-cpi-core.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-15-cpi-core.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":48393,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/02\/14\/markets-stung-by-up-turn-in-monthly-cpi\/","url_meta":{"origin":64075,"position":3},"title":"Markets stung by up-turn in monthly CPI","author":"Colin Twiggs","date":"February 14, 2024","format":false,"excerpt":"The S&P 500 dropped to 4953 as markets reacted to an up-turn in monthly CPI inflation numbers. Reversal in the Russell 2000 Small Caps ETF (IWM) was especially sharp, retreating below support at 200, as investors re-assessed market risk. Ten-year Treasury yields climbed to 4.32%, breakout above resistance to indicate\u2026","rel":"","context":"In &quot;Gold &amp; Precious Metals&quot;","block_context":{"text":"Gold &amp; Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-13-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-13-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-13-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":47193,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/13\/has-inflation-been-tamed\/","url_meta":{"origin":64075,"position":4},"title":"Has inflation really been tamed?","author":"Colin Twiggs","date":"January 13, 2024","format":false,"excerpt":"The Wall St Journal last month predicted that inflation will finally return to normal in 2024 but are they correct? Has Fed monetary policy tamed inflation or is there something else afoot? Consumer Prices The consumer price index lifted to 3.3% for the 12 months to December, while core CPI\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"CPI & Core CPI","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-12-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-12-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-12-cpi.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":32100,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/04\/19\/gold-versus-the-dollar-2\/","url_meta":{"origin":64075,"position":5},"title":"Gold versus the Dollar","author":"Colin Twiggs","date":"April 19, 2022","format":false,"excerpt":"The Dollar Index broke through 100, continuing its strong up-trend. But this is simply a case of the best horse in the glue factory. A rising Dollar Index reflects weakness in the Euro, with soaring energy costs threatening a European recession and Trend Index peaks below zero warning of strong\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Dollar Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-19-dxy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-19-dxy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-19-dxy.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-19-dxy.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/64075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=64075"}],"version-history":[{"count":10,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/64075\/revisions"}],"predecessor-version":[{"id":64144,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/64075\/revisions\/64144"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=64075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=64075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=64075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}