BitUnix analyst: Energy crisis spreads from crude oil to diesel and food, global inflation faces second round of pressure BlockBeats News: On September 21st, pressure on the global energy market is extending from crude oil prices to a wider range of refined oil and food supply chains. The retail price of diesel in the United States has exceeded $6.50 per gallon for the first time, significantly widening the price difference with gasoline of about $2, reflecting that the real shortage is not only crude oil, but also refining capacity, finished oil storage and transportation capacity. The conflict in the Middle East compressed the energy transport in the Strait of Hormuz, while the Russia-Ukraine conflict continued to hit Russian oil refining facilities, shrinking the diesel supply at both ends simultaneously, making costs begin to transmit to freight, agriculture, food processing and industrial equipment. More noteworthy is that a second inflation chain is forming in the Black Sea. Russia and Ukraine are important sources of global wheat supply. After ports, grain terminals, and transportation were disrupted, some importing countries were forced to turn to alternative sources such as the United States, Europe, and others, resulting in an increase in transportation distance and costs. This means that in addition to energy prices, food and agricultural input costs may also become new sources of price increases; If diesel, fertilizer, and grain prices rise simultaneously, enterprise costs are more likely to evolve from one-time energy shocks to broader inflationary pressures. This also creates a more complex environment for US monetary policy. Kashkari pointed out that inflation is no longer just a matter of oil prices, and price pressures in the service industry have also spread; If energy and logistics costs continue to transmit to core goods and services, even if crude oil falls in the future, the pace of inflation reduction may still be slower than expected. On the other hand, the IMF warns that the global public debt ratio may rise to 100% of GDP by 2029, and high interest rates, energy shocks, and increased fiscal spending will further push up government interest burdens and compress policy space. Therefore, the current market needs to focus not on a single oil price indicator, but on whether energy, transportation, and food form a second round of cost transmission. If Middle Eastern shipping, Russian refining, and Black Sea grain exports cannot improve, diesel and food prices may form new sources of inflation outside of crude oil, forcing major central banks to maintain more restrictive policies; For high debt economies, this will simultaneously mean higher financing costs and more limited fiscal buffers, making policy choices for the global economy more difficult.