Middle East Conflict Sparks Global Economic Conundrum

The war in the Middle East is causing global economic strain as oil prices surge due to disrupted supply and damaged refining infrastructure. The average price of gasoline has risen from $3.18 a gallon to $4.47, while diesel prices have more than doubled to $6.50 a gallon.

US Federal Reserve Board member Kevin Warsh blamed the strengthening US economy, inflation that hasn't slowed, and 'hotspots' around the world for the Fed's decision to raise interest rates. However, experts argue that the true cause of rising inflation lies in the Middle East conflict.

The International Energy Agency reports that global diesel production has decreased by 4.2 million barrels per day, with refineries in the Middle East operating at a quarter of their pre-war levels and Russia's production cut by about a third.