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US-Israel war with Iran sends shockwaves through global business
The conflict has caused a 20% surge in oil prices and disruptions in Gulf transit routes, leading to production cuts and rising costs for global industries, insurers, and markets.
- On Monday, crude oil topped over $100 per barrel amid the war with Iran, and that surge is already rippling across African economies, affecting fuel markets continentwide.
- Tensions around the Strait of Hormuz narrowed supply as Iran's threats to vessels and output cuts by Iraq, United Arab Emirates and Kuwait tightened available crude.
- Most African countries import refined fuel, making them vulnerable as rising costs feed quickly into broader inflation and reduce household purchasing power, while Nigeria exports roughly 1.5 million barrels per day with budget plans tied to moderate oil prices.
- Countries with IMF programs could face foreign-exchange pressure as energy import bills rise, while sustained high crude prices could boost revenues for Angola, Algeria and Libya; vulnerable countries include Sudan, The Gambia, Central African Republic, Lesotho and Zimbabwe.
- Analysts say the shock could accelerate energy diversification as Kennedy Mbeva, research associate at the Centre for the Study of Existential Risk, urges balancing short-term fiscal pressures with long-term clean energy investments.
85 Articles
85 Articles
How the Iran War Is Destabilizing the Global Economy
The war launched by U.S. President Donald Trump and backed by Israeli Prime Minister Benjamin Netanyahu against Iran is often framed as a military confrontation or a strategic gamble in the Middle East. But its most immediate battlefield may not be Tehran or the Gulf. It is the global economy. From oil markets to shipping […] The post How the Iran War Is Destabilizing the Global Economy appeared first on Modern Diplomacy.
How the Iran war set off a week of oil price swings, and what comes next
The price of a barrel of oil has been on a roller coaster ride as the war with Iran enters its second week. U.S. officials are looking to bring down prices, but proposed solutions face serious headwinds, according to industry analysts. Amid the conflict, oil tankers are avoiding the Strait of Hormuz, which typically sees 20% of the world’s daily oil supply. Higher oil prices have translated to price surges at gas pumps, with the average cost of…
Oil prices jump 7% on Iran war, settle at highest since 2022 | Honolulu Star-Advertiser
NEW YORK >> Oil prices jumped about 7% today to settle at their highest since 2022, after soaring by as much as 29% during the session as Saudi Arabia and other OPEC members cut supplies during the expanding U.S.-Israeli war with Iran.
US is less prone to oil price shocks than in past decades
Gas prices are up, but other forces may limit the economic harm to the U.S. Frederic J. Brown/AFP via Getty ImagesOil is a global market, so when prices rise in one place, they rise everywhere. The current war against Iran has already raised oil prices significantly. Mideast oil production has been slowed by efforts to close the Strait of Hormuz, a key route for oil tankers from the Middle East to the rest of the world, as well as by attacks – a…
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