American business leaders expect the Iranian oil crisis to lead to soaring inflation.

A survey conducted by the Federal Reserve Bank of Cleveland in the United States showed that business leaders expect inflation to accelerate as the Iran war pushes up energy costs. CEOs currently predict that the inflation rate will reach 3.7% in the next year, higher than the 3.1% in the first quarter and the highest level in a year. Executives also anticipate that company costs will rise by 3.5% and plan to increase prices by an average of 3.3%.