economy
Oil and gas crisis from Iran war worse than 1973, 1979 and 2022 together, says IEA
Oil prices swing and stock markets tense on approach to Trump’s deadline for Iran to reopen strait of Hormuz
TL;DR
- IEA head calls current oil and gas crisis more serious than 1973, 1979, and 2022 combined.
- Developing nations are most at risk, facing higher oil, gas, and food prices, accelerating inflation.
- Oil prices have been volatile, trading around $110 a barrel.
- Donald Trump has set a deadline for Iran to reopen the strait of Hormuz, with threats of further action.
- European and Wall Street stock markets fell, while Asian markets showed mixed performance.
- The conflict is contributing to fears of inflation and slower global growth, with potential for stagflation in the UK.
- UK fuel prices have seen significant rises over the Easter period.