Does rising energy cause stagflation?

Yes, it’s possible… but only under the following conditions:
A sharp and sustained increase in energy (oil/gas)
The impact spreads to other prices (transportation, manufacturing, food)
Along with weak economic growth
📌 This is what happened during the 1973 oil crisis
Could the current situation lead us there?
The precise answer is, the possibility exists… but it’s currently unlikely ✔️
Why?
First, strong interventions to stabilize prices
Major countries + OPEC are trying to balance the market
Strategic reserves are sometimes used
Production is adjusted according to demand
📌 This reduces the risk of price spikes
Second, global demand is not very strong
There has been a long period of relative global economic slowdown
China and Europe are not in their strongest growth phases
📌 US growth is fluctuating with mixed data
Therefore…
Energy prices alone are not enough to cause stagflation
It must be…
A strong and sustained increase + weak economic conditions
📌 So, the current situation…
Is relatively under control… but very sensitive to geopolitical news
The attached image was generated by Grok to spread a smile 😃