The United States and Israel’s war with Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping. The outlook poses a wider global economic threat, as well as a political vulnerability for US President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavourable to foreign entanglements. “The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows,” JP Morgan analysts said in a research note on Friday. The conflict has already led to the suspension of around a fifth of global crude and natural gas supply, as ships avoid the vital Strait of Hormuz between Iran and Oman amid Tehran’s retaliatory attacks. Global oil prices have surged 24 pe...
A MAP detailing US strikes on Iran, which was shown at Pete Hegseth’s Pentagon briefing.—X / IdreesAli114 • Ex-Khamenei aide says Tehran has no intention of negotiating • Israel plans another ‘one, two weeks’ of attacks • Death toll in Iran crosses 1,000; Tehran hits back at targets in Gulf; Qatar, Turkiye condemn strikes • US expands bombing further into country; claims killing leader of Trump assassination plot • UN Iran probe body says war violates Charter • White House eyes ‘post-war role’ in Iran DUBAI / TEHRAN / WASHINGTON: Even as US and Israeli forces continued to pummel targets across Iran, Iran claimed “complete control” of the crucial Strait of Hormuz. The Revolutionary Guards said Iranian forces had “complete control” of the Strait of Hormuz, a vital route for world oil and gas supplies, and any vessels seeking to pass risked damage from missiles or stray drones. A security official close to IRGC said its new head, Ahmad Vahidi, was present in every high-ranking meeting and that its overriding obj...