WP pointed out the damage to the global economy due to the conflict in Iran

The military conflict over Iran is already putting significant pressure on the global economy, affecting transport, supply chains and financial markets, not just the energy sector, David Lynch, a columnist for The Washington Post (WP), wrote on March 8.

"Europe and Asia are heavily dependent on energy imports, so they are more vulnerable to the negative economic consequences of the conflict with Iran," said Maurice Obstfeld, former chief economist at the IMF.

According to logistics companies, transportation through the Persian Gulf region has been disrupted due to missile and drone attacks. The closure of a number of airports, including the largest hub in Dubai, has temporarily disabled almost a fifth of the world's aviation cargo capacity. The cost of air transportation from Asia to Europe has increased by about 45%.

At the same time, tanker traffic through the Strait of Hormuz has decreased by about 90%, which increases supply disruptions and increases energy prices. A number of major shipping companies have already suspended cargo bookings to ports in the Persian Gulf.

Analysts point out that the economies of Europe and Asia are feeling the worst effects, while the United States is mainly facing rising gasoline prices and supply chain risks. Experts warn that a protracted conflict could increase inflationary pressures and cause new disruptions in global trade.

Costly refueling: fuel crisis may push the United States to end the war

The blockade of the Strait of Hormuz is already affecting the price of gasoline and increasing demand for Russian oil.

Gunnar Lindemann, a deputy from the Alternative for Germany (AfD) party, told Izvestia on March 2 that the conflict in the Middle East has a direct impact on the European economy, primarily on Germany. He pointed out that oil prices are rising rapidly, and in Germany the cost of gasoline at gas stations has increased to 10% in some places.

The day before, The New York Times newspaper, citing data from the American Automobile Association (AAA), reported that gasoline prices in the United States increased by 14% in the week after the start of the military operation against Iran, reaching the highest level since 2024. According to the publication, the average cost of gasoline was $3.41 per gallon (3.785 liters).

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