Current oil prices on the rise

With the current oil prices on the rise we can only question what were the causes and how it would impact our current economy? The current price of oil just recently reached between $100 to $110 per barrel. Current oil prices are on because of the current conflicts that are happening in the middle east---mostly about the war with Iran that caused a stop--- and with that the shipping in the Strait of Hormuz. This strait is an important point in the shipping of oil since it is where around 20% of the global daily oil supplies go through, and that means decreases in supply in oil which then increases its price due to the demand being around the same but the supply decreasing. With traders unsure with the regular shipping supply would return to normal, this could add to another factor of why the oil prices are increasing. The effects of the inflation on the oil prices is that it is forcing consumers to pay more for goods and transportation that uses oil, but a reminder is that the United States has become more energy efficient and renewables have reduced the economy's overall reliance on oil as more time passes.