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war with Iran](https://www.theguardian.com/world/us-israel-war-on-iran), which has significantly disrupted the global oil market and driven up gas prices around the world. The conflict has had significant impacts
global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers,” the White House official said. News of Trump’s talks with
impact of the war and said any further escalation in the conflict could trigger a global recession Bessent however cast cuts in global growth forecasts and higher inflation projections by the IMF and World Bank
war in Iran, which is now entering its eighth week, has killed thousands and rocked the global energy market. Normally about one-fifth of the world’s oil and gas passes through the strait
impact of the conflict’s effects on oil, alongside the effects of Russia’s war with Ukraine on gas supplies, was “[the biggest crisis in history](https://www.reuters.com/business/energy/war-iran-is-causing-biggest-energy-crisis-history-iea-says-2026-04-21/)” in global energy markets
global rollercoaster on bond markets. Over the weekend, bond markets went further in the wrong direction, reflecting assumptions of a prolonged blockage of the Strait of Hormuz. However, the impact on UK markets has exceeded
impact of the global tariff war. Lloyds reported pre-tax profits of £2bn in the first quarter, an increase of a third over the same period last year, well above analyst consensus
Iran." --- ### **High jet fuel prices squeeze airlines** Meanwhile, the war and strait blockade are continuing to rattle global markets and push up costs, with the airline industry particularly hard hit. On Tuesday, German airline [Lufthansa
markets, sending oil prices above $120 a barrel and driving US petrol prices to a four-year high. Here is what we know as the conflict enters day 62: ## In Iran - **Iran speaker dismisses blockade
markets and disrupts global supply chains. The Bank of England warned last week that [higher inflation in the UK was “unavoidable”](https://www.theguardian.com/business/2026/apr/30/bank-of-england-leaves-interest-rates-on-hold) as a result of the Iran war, with typical energy bills
global energy shipments. Iran retaliated against US-Israeli airstrikes by threatening to attack ships in the waterway, through which about a fifth of the world's energy usually passes. Oil prices [surged
impact of the war was already deepening into supply chains. Chris Rogers, the head of supply chain research at S&P Global Market Intelligence, said: “Food supply chains face both direct and indirect challenges from
Iran has closed in retaliation for the United States and Israel’s war, could lead to a global food “catastrophe”. India, Bangladesh, Sri Lanka, Somalia, Sudan, Tanzania, Kenya, and Egypt are among the countries most
impact has been immediate: animals are dying, and with them, livelihoods are disappearing. As local production collapses, families are forced to buy from markets even as food, fuel, and water prices continue to rise
war with Iran is a "folly", affecting families in the US, the UK and around the world. [The Guardian](https://www.theguardian.com/business/2026/apr/14/iran-war-global-recession-imf-uk-growth-forecasts-oil-prices) says Reeves' comments were sparked by the IMF's forecast that
global oil market. Oil prices have spiked, gas prices are climbing and inflation fears are back. But the bigger risk is ‘demand destruction’. “Demand destruction happens when high prices force people and businesses
war could devastate this income. All this is impacting an already fragile economy weakened by years of inflation, debt stress and sluggish growth. ![Auto rickshaw drivers, along with members of the Awami Rickshaw Union, take
market volatility, when the Iran war broke out. Last month, the AFC warned that the continent is on course for an 86-million-tonne fuel shortfall by 2040, underscoring the widening gap between domestic production
global events, according to Ro Khanna, a leading Democratic member of Congress. “I really believe we missed a moment to do that with the Ukraine war,” he said. “We should have been linking the clean
Iran, Iraq, Kuwait, Saudi Arabia and Venezuela - to defend the interests of major oil exporters by coordinating production to ensure steady revenue for its members. The number of members has fluctuated over the years