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The West Asian war is increasingly triggering global economic shockwaves, with energy markets, supply chains and key industries coming under mounting strain.
Oil prices surged sharply on Monday, reflecting growing market anxiety over supply disruptions. The main US crude benchmark, West Texas Intermediate (WTI), rose more than three percent to cross $100 a barrel, trading at $103.13, while Brent crude climbed nearly three percent to $115.93. The spike comes as the conflict threatens flows through the Strait of Hormuz, a critical artery for global energy supplies.
At the same time, the wider economic impact of the war is becoming evident across regions. Iran’s Revolutionary Guards said they struck aluminium plants in Bahrain and the UAE, disrupting key industrial operations, while Taiwan moved to freeze LPG prices to stabilise domestic markets. In India, more than 400 ceramic factories in Morbi have shut due to fuel shortages, sending thousands of workers home. Shipping through Hormuz remains under pressure, with insurance costs surging and vessels being turned back, even as countries like Pakistan and Thailand secure limited passage. Meanwhile, around 20,000 seafarers remain stranded in the Gulf, highlighting the deepening humanitarian and economic strain.
Oil prices surged sharply on Monday, reflecting growing market anxiety over supply disruptions. The main US crude benchmark, West Texas Intermediate (WTI), rose more than three percent to cross $100 a barrel, trading at $103.13, while Brent crude climbed nearly three percent to $115.93. The spike comes as the conflict threatens flows through the Strait of Hormuz, a critical artery for global energy supplies.
At the same time, the wider economic impact of the war is becoming evident across regions. Iran’s Revolutionary Guards said they struck aluminium plants in Bahrain and the UAE, disrupting key industrial operations, while Taiwan moved to freeze LPG prices to stabilise domestic markets. In India, more than 400 ceramic factories in Morbi have shut due to fuel shortages, sending thousands of workers home. Shipping through Hormuz remains under pressure, with insurance costs surging and vessels being turned back, even as countries like Pakistan and Thailand secure limited passage. Meanwhile, around 20,000 seafarers remain stranded in the Gulf, highlighting the deepening humanitarian and economic strain.
