image sourced from original article at The widening war in Iran is sending shock waves through the global economy, compounding existing strains from trade disruptions, the war in Ukraine and volatile policymaking in the United States. The shutdown of the Strait of Hormuz, a critical artery for global oil shipments, has intensified fears of an energy crisis and driven up costs worldwide.
Households and businesses far from the conflict are already feeling the impact. In the United States, mortgage rates have climbed above 6 percent, while in Vietnam fuel shortages have forced gas stations to close. In India, gas shortages have disrupted cremation services, and in Kenya exporters fear losing access to Iranian markets.
Rising energy prices are also pushing up fertilizer costs across North America and Europe, adding pressure to farmers and threatening food prices. Economists warn that the disruption of oil supplies through one of the world’s most vital shipping routes could deliver a severe blow to an already fragile global economy.
