The ongoing conflict between Israel and Iran has escalated into a full-scale war, with profound implications for global markets, energy security, and international trade. The hostilities, which began with a surprise Israeli strike on Iranian military and nuclear sites, have rapidly intensified, leading to significant casualties and widespread infrastructural damage on both sides. As the situation unfolds, the international community is grappling with the far-reaching consequences of this conflict.
The immediate impact on global oil markets has been stark. Brent crude prices surged to $74.60 per barrel, marking an almost 7 per cent increase from the previous week. This spike is attributed to fears of disruptions in the Strait of Hormuz, a critical chokepoint through which approximately one-third of the world’s seaborne oil passes daily.
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