US EditionRising Energy, Fuel and Food Costs: How the Gulf Conflict Will Affect You
Global oil and liquefied natural gas supplies are disrupted by Middle East hostilities, driving energy prices up 15% and creating inflation and economic growth concerns, experts say.
- On Monday, US airstrikes and Israeli strikes widened the war, and Iran warned tankers in the Strait of Hormuz, a route carrying about one fifth of seaborne oil.
- Attacks on production and transit routes have reduced available supply and spooked markets, threatening global oil and gas supplies and risking inflation if Strait of Hormuz transit halts.
- On Tuesday, gas prices jumped 85 per cent-plus to a three-year high, Brent crude closed above $80 per barrel, and European markets saw their biggest falls since last April.
- Drivers were warned that pump prices will `inevitably increase`, AA president Edmund King said, while a March rate cut is now in doubt due to sticky inflation from rising energy costs.
- Longer-Term, economists warn of stagflation risk and a nervy 2026 outlook, pension savers may see volatility, and fragrance ingredients and regional foodstuffs could face supply pressures if disruptions persist.
17 Articles
17 Articles
How the war in Iran is impacting home energy costs in CT
Generation Power CT, the nonprofit formerly known as Operation Fuel, is accepting applications for fuel assistance until Mar. 10. But, with rising oil costs, the funds may not provide recipients with as much relief as previous years. The U.S.-Israeli conflict with Iran caused oil costs to rise by double digits over recent days, according to the Connecticut Energy Marketers’ Association. The increase in oil costs is particularly damaging to low i…
Energy prices skyrocketed on Tuesday, March 3rd, due to the war in the Middle East, which strengthened the dollar and sank the stock markets over the concern of an outbreak of inflation.The war in the Middle East threatens a region that is crucial to the production and export of hydrocarbons.The Strait of Ormuz, a bottleneck that runs around 20% of the oil and liquefied natural gas (LNG) consumed worldwide, is de facto closed to traffic: the mai…
Middle East at war: will conflict lead to global economic collapse?
The war launched by the United States and Israel against Iran has already rattled the global economy. Gas prices have jumped 30% to a three-year high, oil is surging, tankers are stuck in the Strait of Hormuz and refineries across the region are under attack. Stock markets from London to Tokyo are tumbling, and hopes of interest rate cuts in the UK and US are fading fast. So how serious is this economic shock? What happens if the conflict lasts …
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