Dhaka, Mar 07 (V7N) – The ongoing conflict between Iran and Israel in the Middle East has sent shockwaves through global markets, driving fuel prices up and rattling stock exchanges worldwide.

On Friday, the price of crude oil surged past $92 per barrel, marking a roughly 30% increase in just one week. The spike comes amid US-Israeli military operations in the Gulf and Iran’s retaliatory actions, which have disrupted energy and transportation sectors.

The Strait of Hormuz, a crucial chokepoint through which 20% of the world’s oil supply passes, is effectively closed due to the conflict, intensifying the supply crisis and pushing oil prices even higher. In the US market, crude oil climbed 19% to reach $80 per barrel.

The economic fallout is widespread:

  • Asian stock markets suffered their largest decline in six years.

  • The euro and British pound weakened as the US dollar strengthened.

  • Rising fuel costs have raised fears of global inflation, affecting both households and businesses.

Analysts warn that this war extends far beyond a regional conflict, throwing the global economy into uncertainty. The combination of soaring oil prices and falling stock markets has created major challenges for governments, corporations, and consumers alike.

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