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War with Iran delivers another shock to the global economy
- On Sunday, crude oil surged to $110 a barrel and U.S. gasoline averaged $3.48 a gallon, marking a sharp energy-price shock.
- Iran's closure of the Strait of Hormuz after February 28 missile strikes killed Ayatollah Ali Khamenei, removing critical flows of 20 million barrels daily with no global excess capacity to replace them.
- Up to 30% of world fertilizer exports pass through the Strait, and every 10% sustained oil-price increase will raise global inflation by 0.4 percentage points, says Kristalina Georgieva.
- U.S. households face about $2,500 a year in extra fuel costs, while White House aides and Cabinet officials face intense pressure to reverse rising energy prices.
- Simon Johnson, MIT economist and 2024 Nobel laureate, urged reopening the Strait, while Neil Shearing said if oil falls back to the $70-to-$80-a-barrel price range the world economy may absorb the shock; spiraling financial chaos might force the president to pull back.
51 Articles
51 Articles
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Times of India
The WeekWar with Iran delivers another shock to global economy
The global economy faces severe disruption due to the war with Iran. The closure of the Strait of Hormuz has sent oil prices soaring, impacting energy and fertilizer costs worldwide. This crisis threatens food shortages in developing nations and complicates inflation control for central banks. Oil-producing nations outside the conflict stand to benefit, while energy importers face significant economic strain.
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