Oil tankers anchored in the Strait of Hormuz near Bandar Abbas, Iran on May 2, 2026. Amirhosein Khorgooi/ISNA via AP Word that inflation hit 3.8% last month is bad news, but not grim: The main cause is obvious, and it won’t last. It’s the halt on oil shipments through the Strait of Hormuz, which plainly won’t last much longer. So our cautious optimism is entirely different from all that Biden-years talk about inflation being “transitory.” Notice: Speaker-emerita Nancy Pelosi hypes that inflation is “skyrocketing,” yet she said no such thing at the same point in the Biden years (15 months in), when it was 8.3%. That was the result of the Biden-Pelosi federal-spending binge, “stimulating” an economy already soaring post-pandemic; getting the rate down would take long months of harsh Federal Reserve interest-rate hikes. Today’s uptick is a move in the wrong direction — climbing from March’s 3.3%, and marking the highest rate in three years.…