The conflict has many far-reaching consequences, including on the economy
The fighting could lead to rising energy prices, another rise in inflation and the possibility of further stock market volatilityhorrified the world, with thousands of deaths in Israel and Gaza. It is hard to look beyond the devastating loss of life, and ongoing fears of a wider regional conflict.rising energy pricesIn a worst-case scenario, other countries in the Middle East could directly intervene.
Oil prices have recently dipped following the lack of further escalation in the Middle East, with both Brent crude oil and West Texas Intermediate, the two global marker prices for oil, both slipping back almost a dollar to trade at $91 and $85 on Monday.Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdowne, said: “A concern is that should Iran become involved, the price of oil could reach as high as $150 a barrel.
However, it is likely to increase again if the war triggers higher oil prices, and therefore, higher energy prices. The consequences could include a possible recession globally if countries in the Middle East restrict the oil supply.
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