US EditionWar with Iran Spreads Economic Damage
Thousands of flights canceled and Iranian strikes damaged Gulf airports, causing currency volatility and retail disruptions, with the Korean won exchange rate hitting its highest volatility since 2020.
- Last week, the outbreak of war in the Middle East plunged the travel industry into chaos not seen since the pandemic, as thousands of flights to or from the Gulf were canceled and Dubai and Abu Dhabi airports sustained damage from Iranian weaponry.
- Given their reliance on seamless connections, Gulf hub countries have staked their future on cheap links connecting the U.S. East Coast and Europe to Asia and Australia, amplifying the disruption's global impact.
- Korea's duty-free operators report growing vulnerability as the won's fluctuation hit 13.2 won as of March 6, raising dollar prices and causing losses for three of four major operators.
- Major retailers warn Lotte, Hyundai and Shinsegae say sales will be affected if the war prolongs, while the Bank of Korea notes rising oil prices and currency swings could freeze spending in high-priced retail sectors.
- The travel industry could reconfigure as the global travel industry shifts, while large discount chain retailers may gain amid supply-chain risks threatening imported goods such as fruits, wine, cheese and beef.
12 Articles
12 Articles
How European Countries Are Aiding the US and Israel in the War on Iran
By Alan MacLeod – Mar 4, 2026 European nations are joining the United States and Israel in their war on Iran. From providing economic and diplomatic support, to supplying military assistance to Washington, Europe is moving from a passive supporter to an active participant in the campaign to overthrow the Iranian government. Chief among these actors is the United Kingdom, who is allowing its military bases across the world to be used in the attac…
Will Singapore Be the Winner of the War in Iran?
When war broke out in the Middle East last week, it plunged the travel industry into the kind of chaos not seen since the pandemic. Thousands of flights to or from the Gulf have been canceled; Dubai and Abu Dhabi’s airports sustained damage from Iranian weaponry. Since these countries have all staked their future on cheap and efficient connections that have knitted the U.S. East Coast and Europe to Asia and Australia for years, this is a big dea…
European economic and business leaders gathered in Luxembourg believe that Europe has all the opportunities and means to become a world superpower, but they excluded American tariffs and the war in the Middle East from their official statements. Although these are the factors that, according to experts, could damage markets the most, and a war with Iran could lead to a huge price jump in Europe, which is short of natural resources.
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