The Globe and Mail reports in its Wednesday edition that the Iran war has given investors a lot to think about as energy prices soar, bond yields rise and central banks turn their attention toward a threat that had been subsiding: inflation. The Globe's David Berman writes that if this has you concerned, you can relax, at least for now. Goldman Sachs economists Joseph Briggs and Megan Peters believe that today's inflationary pressures are not anywhere close to those that emerged in 2021 and 2022. Their case rests on a key difference between then and now. Inflationary pressures have shifted from pandemic-era supply constraints to an energy supply bottleneck in the Middle East. The economists say a key difference is that the supply shock today appears narrowly concentrated in the energy sector. They expect that "core" inflation -- which excludes food and energy -- will gain just 0.1 to 0.2 percentage points. Not good, but by no means disastrous. The reasoning of the economists rests partly on the fact that non-energy trade through the Gulf economies in the Middle East is small, at about 1 per cent of global trade, which is a big change from 2021 and 2022 when Asian shutdowns affected around 20 per cent of global trade.