Energy price fluctuations can have a more pronounced impact on inflation expectations in situations where the job market shows resilience (e.g., low unemployment, strong job growth, and upward wage pressures). If the job market is strong and labor has strong bargaining power, it will demand higher wages to offset the rising cost of living, thus forming a "wage-price spiral." Such a spiral would make inflation expectations more persistent; Against the backdrop of a resilient job market, central banks such as the Federal Reserve tend to focus more on controlling inflation than stimulating employment. This means rising energy prices could delay a rate cut or keep rates high; Originally, the Fed's QT operation in the past six months has caused liquidity fragility, and some valued assets have already experienced considerable declines. If the Iran problem lasts longer, it will be even more detrimental to global risk assets and will further amplify the volatility of the entire market;