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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.
126 Articles
126 Articles
The Latest: Airstrike pounds Iran near pro-government rally as war threatens global economy
American and Israeli strikes are pounding Iran while the Islamic Republic attacks Persian Gulf shipping and energy infrastructure, nearly two weeks into the widening war. U.S. President Donald Trump said Friday that the conflict would end “when I feel it…
The attack by the United States and Israel against Iran on February 28 again reveals fractures within the European Union. While Friedrich Merz, German Chancellor, openly supports the offensive, Pedro Sánchez resorts to “No to war” and blocks the use of Spanish bases by the United States, consolidating himself as an international benchmark against military escalation. Between internal division and the commitment to multilateral diplomacy, Brussel…
The Bakersfield Californian
The Latest: US hits a pro-government demonstration in Iran as war threatens global economy
As American and Israeli strikes pound the Islamic Republic and Iran attacks Persian Gulf shipping and energy infrastructure, U.S. President Donald Trump posted a new threat to Iran’s leaders on his Truth Social website. “They’ve been killing innocent people all…
ARTE Europe Weekly: Where does Europe stand in the Iran war?
The US and Israel didn’t inform their European allies before bombing Iran. Embarrassingly, even Italy’s defence minister was stuck in Dubai, where he had been on holiday with his family, when the war began.But the EU has had to quickly take a stance on the war. Will it let the US use their military bases?...
The Middle East conflict drives the oil price. Capital market strategist Martin Lück explains why Europe suffers particularly and where he sees opportunities for investors.
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