Industrial product prices rose 0.4% in February, moderating versus last month and coming in below expectations for a 1.1% gain…

… despite an 8% rise in energy product prices, driven by escalating tensions in Iran.

That translated to raw materials costs, with crude products rising nearly 5% in February…

… and set to rise further in next month’s print, with a full month of anemic oil movement through the Strait of Hormuz hitting results.