The financial fallout from the US-Israeli war of aggression on Iran is sending ripples through the global economy, with experts warning of significant price hikes.
Reports published early on Monday brought a stark wake-up call for British markets. The FTSE 100 plummeted by nearly 200 points, a drop of roughly 2%. This downturn was mirrored across Europe, with Germany's DAX index suffering a 2.3% loss.
Esteemed economist Philippe Aghion said the conflict is projected to dampen worldwide economic expansion.
Aghion told RTL radio that a protracted conflict could usher in a period reminiscent of the 1973 oil crisis.
The Nobel laureate outlined a scenario where the fighting drags on for weeks, driving oil prices beyond $150 per barrel and triggering rampant inflation. Such a situation, he noted, would necessitate a unified economic response from Western nations, including the United States and Europe.
“An extended and broadening conflict will undoubtedly hinder global expansion,” Aghion warned.
Writing for the Al Jazeera news website, Richard Gaisford said the Bank of England may be compelled to increase interest rates to curb the expected surge in prices in response to the current market jitters. Such a move would have wide-reaching consequences, making loans more costly for corporations, homeowners, and the government itself.
The cost of UK government borrowing has already spiked dramatically since the war on Iran began. This escalation in bond yields adds another layer of complexity to the nation's fiscal management and day-to-day operations.
The United States and Israel launched an unprovoked war on Iran on February 28 by assassinating top Iranian officials and commanders in airstrikes and targeting the country's military and civilian infrastructure.
Iran has responded massively by attacking the Israeli regime and US military assets in regional countries, with the latter deeply affecting the production and transport of oil and natural gas in the region.
Iran has warned that the price of oil could reach historic records with a further escalation of the war, a scenario which could lead to reciprocal attacks on energy facilities in Iran and in the Persian Gulf.
The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
Volker Turk has warned that efforts to advance reparatory justice are facing resistance in “certain quarters,” and urged countries to back Africa’s push.
Reparatory justice for historical crimes, including colonialism, enslavement, and the trade in enslaved Africans, is crucial to dismantling systemic racism, UN High Commissioner for Human Rights Volker Turk has said.
Speaking at the UN Permanent Forum on People of African Descent on Tuesday, Turk linked present-day discrimination against people from the continent to the enduring legacy of colonialism and enslavement.
”Racism and dehumanizing rhetoric continue to permeate public institutions, communities, and online platforms,” he said, according to the UN Press Service. Turk noted that “digital technologies, including AI, are reproducing and amplifying existing biases against people of African descent.”
The remarks come weeks after the UN General Assembly adopted a resolution declaring the transatlantic slave trade “the gravest...
The US VP had to defend President Trump’s Gaza policy at a rally on a Georgia college campus.
US Vice President J.D. Vance was forced to defend Washington’s policy in Gaza after he was booed and heckled at a key MAGA event on Wednesday.
Co-founded by the late Charlie Kirk, Turning Point USA (TPUSA) is a conservative student group that has long been seen as a strong support base of President Donald Trump’s MAGA movement but is now showing apparent cracks.
Less than 15 minutes into a TPUSA event at the University of Georgia on Wednesday, Vance was interrupted by hecklers over US policy in Gaza, with one audience member shouting, “Jesus Christ does not support genocide!” As he attempted to respond, others shouted, “You’re killing children!” and “You’re bombing children!”
Vance replied by referring to Trump’s achievements as president, including securing a fragile ceasefire in Gaza, something he said the previous administration of Joe Biden failed to do.
“I ...
