Global Economic Shock Spreads as Iran War Disrupts Fuel Markets

The ongoing US-Israel-Iran war is causing a global economic shock, with rising fuel prices and inflation affecting economies worldwide. According to a report by the Financial Times, the energy crisis is driven by shortages of refined fuels, alongside disruptions in crude oil markets.

Global production of petrol, diesel, and other refined fuels has declined by over 4 million barrels per day since August last year, exacerbating supply strain.

Diesel prices have surged above $200 a barrel in the US and Europe, increasing costs for transport, industry, and consumers.