Just a month after U.S. and Israeli strikes hit Iran on February 28, the fighting shows no sign of stopping. Oil and gas prices have surged fast, stock markets are tumbling, and experts warn the pain could last for months or even years.
The trouble started when attacks knocked out key spots in the Persian Gulf, refineries, pipelines, and tanker terminals. That narrow waterway called the Strait of Hormuz, which carries about one-fifth of the world’s oil, basically shut down. Oil prices jumped from around $70 a barrel to over $100 in days. Gas at the pump is climbing in the U.S., Europe, and Asia. Fertilizer costs are rising too, which means food prices could follow.
Poor countries are hurting the most. Many are already rationing fuel and handing out subsidies just to keep the lights on for families. Global growth forecasts have been cut. The OECD now expects slower expansion this year, with inflation ticking higher in places like the United States. Stock markets from New York to Tokyo took another hit this week.
It’s not just about the Middle East anymore, it’s hitting grocery bills, travel plans, and jobs in the US. Businesses are nervous about planning ahead, and everyday people are wondering what’s next. No one knows when the fighting will end. But one thing is clear: the longer it goes, the harder it gets for many.
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