How badly has the Iran war hit the global economy? The tell-tale signs

"Since the US-Israeli strikes on Iran began on February 28, Tehran has launched a wave of ballistic missiles targeting Israel, US military bases, oil depots and other infrastructure across the Gulf region. Iranian attacks on several vessels passing through the Strait of Hormuz have also dramatically reduced traffic in the narrow channel, through which about 20 percent of global oil and gas supplies transit."

"As of Monday morning, Brent crude, the industry benchmark, was priced at $106 per barrel, up more than 40 percent from $72 per barrel on February 27. According to Muyu Xu, a senior crude oil analyst at Kpler, liquified natural gas (LNG) prices have risen even more sharply by almost 60 percent since the start of the war."

"As crude oil and refined products from the Middle East Gulf are unable to reach buyers, countries, particularly in Asia, are scrambling to secure alternative supplies at higher prices and adopt emergency measures to manage inventories and demand."

Military conflict between the US-Israel alliance and Iran has severely disrupted global energy markets. Iranian retaliatory strikes on infrastructure and vessels in the Strait of Hormuz reduced traffic through this critical chokepoint, which handles 20% of global oil and gas supplies. Brent crude oil prices jumped from $72 to $106 per barrel, while liquified natural gas prices increased nearly 60%. Qatar's LNG production suspension following Iranian drone attacks further strained global supplies, as Qatar provides 20% of world LNG. Refined petroleum products experienced significant price increases. Asian countries face particular pressure securing alternative energy supplies at elevated costs while managing inventory and demand challenges.

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