US energy inflation accelerated further to 23.5% year-over-year in May 2026, up from 17.9% in April and marking the sharpest annual increase since August 2022. The rise was driven by a 40.6% jump in energy commodities amid the Middle East conflict and ongoing disruptions in the Strait of Hormuz, with gasoline prices jumping 40.5% and fuel oil prices surging 58.9%. Energy services advanced 5.3%, led by a 5.9% increase in electricity costs and a 3.0% rise in piped gas service. On a monthly basis, energy prices advanced by 3.9%, after a 3.8% surge in the preceding month.