32 resultsfor “Middle East oil crisis economic impact”
Middle East, the US may in effect have semi-permanently raised the cost of global commodities. In the teeth of the immediate crisis, governments in scores of countries have already introduced measures to constrain energy
impacting everything from agriculture and transport to the price of food and basic goods, worsening the plight of families already facing a cost-of-living crisis. “Conventional economics tells us that oil price hikes trigger
economics director, said the rise in costs was “overwhelmingly linked to greater transportation bills and increased salary payments”. “A number of firms also noted that they had brought in fuel surcharges for their customers, which
Middle East is set to bring global economic growth to its slowest since the COVID-19 pandemic, the World Bank has warned. In its latest Global Economic Prospects report, published on Thursday, the Washington-based
Middle East tensions The Italian government’s decision to suspend its defence agreement with Israel “must be seen within a broader effort to progressively stabilise the region, including by reducing tensions in Lebanon”, said Michele
Economic Outlook report, the IMF said in a worst-case scenario - where oil, gas and food prices spike and remain high this year and next - global growth could fall below 2% in 2026. "This would
impact of the crisis in the Middle East triggered by the US and Israel’s attacks on Iran. The chief executives of HSBC, [Barclays](https://www.theguardian.com/business/barclay), Lloyds, NatWest and Santander have been asked
crisis. Fuel prices have already surged there, with the price of a litre of diesel rising during the war by 24 percent to about $1.60, with the higher cost of filling car and motorcycle tanks
crisis highlights meagre oil buffers in developing world As the [blockade of the Strait of Hormuz](/news/2026/4/14/fao-warns-strait-of-hormuz-disruption-risks-triggering-a-global-food-crisis) drives the worst energy crunch in modern history, leading governments to scramble to unload their emergency oil stockpiles
crisis has shown that Tehran can use control over the Strait of Hormuz in practice.” Iran is unlikely to give up this leverage without a political or economic arrangement that recognises its strategic position, added
crisis and sent fuel prices soaring. On April 8, a temporary ceasefire was reached, but a durable peace agreement remains elusive. Furthermore, the Strait of Hormuz – through which before the war one-fifth
impact of the Middle East conflict on the cost of living in the UK. Inflation is now expected to be higher this year due to the war and higher energy costs could also slow down
impact](/video/newsfeed/2026/5/7/rising-fuel-costs-overshadowing-agenda-for-asean-summit-in-the-philippines) of the Iran war on their economies, but conceded that the initiatives will take considerable time to come into effect. On Friday, leaders gathered in the Philippines for a [summit](/economy/2026/5/8/southeast-asias-leaders-confront-fallout-from-iran-war-at-asean-summit
impact on economically poorer countries. Iraq is not shipping or producing oil, which is normally responsible for 85% of revenues. Bangladesh, with significant household needs for gas for cooking, is cut off from Middle East
impact.” The pressures are most clearly shown in household incomes that are barely [keeping up with inflation](https://www.theguardian.com/australia-news/2026/jun/02/about-3-million-workers-on-minimum-wage-to-receive-475-pay-rise-in-fair-work-commission-ruling), according to Commonwealth Bank analysis. Economic growth per person also went backwards in the March
crisis in the Middle East.** The US military has said American forces have completely halted economic trade going in and out of [Iran](https://www.theguardian.com/world/iran) by sea through a blockade. After talks between
oil depot last month](https://i.guim.co.uk/img/media/b15a71bc0546c06492cd5adcc1a1f188e7e45e89/139_0_2805_2244/master/2805.jpg?width=445&dpr=1&s=none&crop=none) The EY Item Club says the Iran war will cause the biggest economic hit since the pandemic. Photograph: Sasan/Middle East Images/AFP/Getty Images Matt Swannell, the forecast group
Middle East expert with the Royal United Services Institute thinkthank, said: “Iran has proven to be a formidable adversary, in that it has demonstrated resilience that many who should have known better didn’t predict
impacted by geopolitical risks that have disrupted global markets,” the Market Intel states. “Since the escalation of tensions in the Middle East, nitrogen fertiliser prices have risen more than 30%, while combined fuel and fertiliser
impact of the Iran war on consumers, a thinktank has said. Capping legal speeds at 20mph in towns and cities and 60mph on motorways would help reduce fuel demand and combat [soaring oil prices