As the conflict between Israel and Iran escalates, oil prices have increased, causing economists to warn of an adverse shock to the already fragile global economy. With the potential for disruptions in supply through the crucial Strait of Hormuz, oil prices remain volatile, threatening further inflation and curtailing central bank policies. Despite these tensions, stock markets show some resilience, with modest gains in Asia and expectations of a slightly higher opening on Wall Street. The economic implications of this geopolitical tension raise significant concerns about global growth.
"Economists are warning that the global economy faces an adverse shock, at an already difficult time for growth, as oil prices rise with ongoing conflicts between Israel and Iran."
"Fears of disruption to supplies are making the oil price volatile, especially if the Strait of Hormuz were to be closed, leading to rising oil prices and market uncertainty."
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