Inflation fell in June as Iran war receded. Now, it might roar back.

Global markets are still reeling from the surprise U.S.-Iran deal in mid-June, which sent oil prices plummeting and inflation rates easing worldwide. However, the real challenge lies ahead as the delicate balance of power in the region is put to the test. The strategic Strait of Hormuz, a critical waterway through which a fifth of the world's oil supply passes, has long been a point of contention between the two nations. As tensions ease, analysts are left wondering what the future holds for the region, and whether the fragile truce will be able to withstand the competing interests of Iran and the United States, with the global economy watching anxiously for any sign of instability.

A U.S.-Iran deal in mid-June caused oil prices – and inflation rates – to plunge globally. What happens next depends on the antagonists vying over the strategic Strait of Hormuz.