The oil price has spiked after the US and the UK carried out military strikes against Iran-backed Houthi rebels in Yemen, raising fears of a broader escalation of the conflict in the region.
The price of Brent is up around 2.4% at $79.24 today.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, highlighted the inflationary risks amid warnings from major companies that shipping delays could see prices ramp up.
"While it is highly uncertain what trajectory energy prices will take, especially given the disruption to trade and the slowing global economy, risks of further price rises will be monitored closely by central bank policymakers," she said.
"With major manufacturers and retailers warning of significant delays to products and components, the price of a vast range of goods threatens to march upwards again."
She said there are concerns that the current chaos could last for many months, which will be a huge headache for companies around the world, with 20% of shipping already disrupted.
"Already global trade has been knocked, falling 1.3% in December, largely because of the big fall in shipments through the Red Sea," she added.
"With ships heading from Asia to Europe being re-routed around the south of Africa, it is taking, on average, an extra ten days, and costs per ship are going up by $1 million dollars, due to the delays and higher fuel bills," she noted, with "at least" 20% of global shipping "being disrupted by long journey times and port congestion".
"The risk is that supply chains are tightening up around the globe, increasing the risk of bottle necks which could once again fuel inflation."