The article explains that what many initially viewed as a short‑lived conflict has already driven oil prices above $100 a barrel and doubled European gas costs, creating heightened inflation and financial market volatility. Central banks and governments worldwide are warning that sustained energy price shocks could slow growth, hurt industries, and raise living costs, making everyday things like petrol, flights, and fertilizers significantly more expensive.
A key concern is the disruption of the Strait of Hormuz, through which about one‑fifth of the world’s oil normally flows; if it remains effectively blocked, supplies of oil, gas and critical petrochemical products could tighten further. The article highlights that rising energy and supply chain pressures could ripple into food and manufacturing sectors, dragging down global growth and underscoring how fragile and interconnected the global economy is in the face of geopolitical shocks.
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