Iran war is latest threat to a global economy rattled by Trump
Al Jazeera • • business
Key Points:
- The ongoing conflict between the US, Israel, and Iran threatens global economic stability primarily through rising energy prices, as Iran's effective closure of the Strait of Hormuz and attacks on key energy facilities disrupt a significant portion of the world's oil supply.
- Although crude oil prices have risen modestly by about 15% to around $84 a barrel, prolonged supply disruptions could cause prices to escalate sharply, with Goldman Sachs predicting prices could hit $100 a barrel within five weeks if shipping remains reduced.
- The seven Gulf oil-producing nations risk running out of crude oil storage within a month if the Strait of Hormuz stays closed, forcing production cuts and exacerbating supply shortages that could push oil prices as high as $150 a barrel, according to Qatar’s
