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Data canary shows economy already suffering from Middle East war

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Countries have taken measures to limit the financial impact of fuel price rises from the Middle East war on consumers and businesses

Countries have taken measures to limit the financial impact of fuel price rises from the Middle East war on consumers and businesses

Soaring fuel prices due to the Middle East war and snarled supply chains are already hurting businesses, business survey data published Tuesday showed.

Now in its fourth week, the war sparked by US and Israeli strikes on Iran has seen global oil prices soar by more than 40 percent as Tehran has effectively shut the Strait of Hormuz through which a fifth of oil and liquefied natural gas supplied flowed before the conflict began.

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Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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