What is the economic impact of the conflict between the US, Israel, and Iran, and where is it felt most strongly?
On the fourth day since the conflict between the United States, Israel, and Iran broke out, international gas and oil prices continue to rise.
TL;DR
- International oil and gas prices have increased significantly since the conflict between the US, Israel, and Iran began.
- Brent crude reached a high of $85.12 and WTI crude traded at $75, with European gas prices up 35%.
- Global stock markets have been negatively affected, with Spain's market down 4.57% and South Korea's down 7.92%.
- The Strait of Hormuz, a critical route for 20-25% of global oil and 30% of LNG, is central to the conflict.
- Threats have been made to stop ships passing through the Strait of Hormuz.
- Despite US measures, 240 ships were reported as being held up in the Persian Gulf.