Oil prices aren't inflationary, they're disinflationary. We are getting more proof right now as incoming data shows demand being destroyed. This is creating difficulties for the US economy on top of severe strain around the rest of the world. Several key markets are picking up the distress, too.

Eurodollar University's Money & Macro Analysis

S&P Global Flash US Composite PMI https://www.pmi.spglobal.com/Public/Home/PressRelease/2a6d069e95b3402f85a5e44e3ff49917

Federal Reserve Financial Stability Report April 2024
https://www.federalreserve.gov/publications/files/financial-stability-report-20240419.pdf

Bloomberg China Is Front and Center of Gold’s Record-Breaking Rally
https://www.bloomberg.com/news/articles/2024-04-21/china-is-front-and-center-of-gold-s-record-breaking-rally

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Oil Prices Are CRUSHING The Economy (What You Need To Know)