The US-Iran conflict has caused disruptions in the Strait of Hormuz, pushing oil prices above $100, triggering a dual transmission shock in global financial and energy markets. California's energy crisis is a microcosm of growth concerns, while the dollar's safe-haven rally is constrained by policy divergences, potentially re-emphasizing the safe-haven properties of the Japanese yen and Swiss franc. Attention to the strait's navigation status, as sustained blockades will suppress global growth and limit the dollar's upward trend.