Middle East Crisis Could Cost Global Economy $1 Trillion as Oil Firms Profit
The ongoing Middle East crisis, particularly the US-Israeli conflict with Iran, is projected to impose up to $1 trillion in additional costs on the global economy. This is due to elevated oil and gas prices, which have surged following the blockade of the Strait of Hormuz. While petroleum companies are experiencing significant profits, the economic burden is disproportionately affecting households, businesses, and governments worldwide. The crisis has sparked calls for a windfall tax on excess fossil fuel profits to fund social protection and renewable energy investments. 
