Iran War Triggers Global Economic Crisis

0:00On March 20, the U.S. and Israel's war with Iran has triggered massive global economic fallout after Tehran closed the Strait of Hormuz, the world's key oil shipping lane. Iran also struck oil-rich neighbors creating what the International Energy Agency calls the largest oil supply disruption ever. Billions face higher costs, from soaring fuel prices to stalled shipments of food and chemicals. Asia is hit hardest, with India's restaurants slashing menus and hours due to gas shortages while its currency plunged on fears of a huge import. Bill, Sri Lanka brought back petrol rationing via QR codes, Thailand braces for $600,000 fewer tourists and nearly $1 billion in. Losses and Japan's crisp makers halted popular flavors from oil shortages for frying. People everywhere are struggling. In Bangladesh, bus fares doubled ahead of a major holiday, sparking price-gouging claims. South Africa saw jet fuel costs, jumped 70 percent, hiking air fares, and Europe dealt

1:04with attacks on embassies and synagogues, raising security, fears tied to the conflict. Beyond energy, up to 30 percent of global fertilizers are stuck, threatening food production and raising prices 15 to 20 percent next year. Millions like Spain rolled out 5 billion Euro A packages and rent freezes, while Southeast Asia cuts power use and rations fuel. Net oil exporters like Russia are caching in with billions and sales, but for most, this chain of shocks powers on past crises from pandemics and other. Wars, leaving families and businesses wondering how long the pain will last.