"In the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump's little excursion in the Middle East would be short-lived. History has shown time and time again that geopolitical flare-ups like this tend to be short-lived. This one should prove to be no exception."
"Three weeks later, the prospect of a drawn-out war is causing mounting economic problems. Oil prices have soared above $100 a barrel, European gas prices have doubled, volatility stalks financial markets, and consumers worldwide are bracing for a surge in living costs."
"With each day, more problems are emerging. From the soaring price of petrol and diesel for motorists, to cancelled flights and the worst travel disruption since the Covid pandemic. The cost of fertiliser is rising sharply, hurting farmers worldwide."
Following the US and Israel's airstrike on Iran, financial markets initially expected a short-lived economic impact. However, oil prices surged above $100 a barrel, causing inflation and economic challenges worldwide. Central banks warned of potential material impacts on global growth. Despite market optimism about a quick resolution, analysts noted increasing risks of stagflation and ongoing economic disruptions, including rising fuel costs and agricultural challenges. The situation has led to significant volatility in financial markets and heightened consumer concerns over living expenses.
Read at www.theguardian.com
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