The war involving Iran, Israel, and the United States has intensified as it enters its second week. Missile and drone attacks have been reported across several parts of the Middle East, including strikes on ports, ships, and infrastructure. Some oil tankers near Iraq were attacked and caught fire, highlighting the growing risks to international shipping routes.
These attacks have significantly affected the global energy market. The region around the Strait of Hormuz, a crucial route through which about 20% of the world’s oil supply passes, has experienced major disruptions. Shipping traffic has dropped sharply as companies avoid the area due to safety concerns.
The impact has already been seen in global markets. Oil prices have risen sharply, with Brent crude crossing $100 per barrel, and analysts warn prices could increase further if the conflict continues. Such increases could lead to higher fuel prices, inflation, and economic instability worldwide.
Meanwhile, the broader consequences of the conflict are becoming visible across the region. Airlines have canceled flights, businesses are evacuating offices in Gulf countries, and tourism and trade have been disrupted. Experts warn that if the conflict continues or spreads further, it could cause serious economic and geopolitical consequences for the Middle East and the global economy.