A sudden shift in the global energy market is underway. The Strait of Hormuz, a critical waterway for oil supply, has been blocked by Iran’s actions. This move has resulted in lower oil prices, from nearly $120 to $80 per barrel, over the past few days. US President Donald Trump announced an end to his campaign against Iran, likely due to concerns about inflation and midterm elections. The sudden change is a significant reminder of the economic costs of war and tariffs, which have affected global markets in the past.
Source: https://www.economist.com/leaders/2026/03/12/an-attack-on-the-world-economy