Iran Conflict Could Spike Gas Prices and Living Costs Globally
What Happened The ongoing Middle East conflict has raised concerns among economists and energy analysts about potential disruptions to global oil supplies. Iran plays a crucial role in international energy markets, both as a major oil producer and as a controller of the Strait of Hormuz, through which approximately one-fifth of global oil exports pass daily. Recent geopolitical tensions have already begun affecting oil futures markets, with benchmark prices showing increased volatility.