It has been just over a week since the US launched strikes on Iran, sparking a conflict that has destabilised the entire Middle East region. The economic impacts are being felt across the world as the America and Israel continue to exchange fire with Iran, which has retaliated by hitting targets in the United Arab Emirates (UAE), Qatar, Bahrain, Jordan and Iraq.
As fighting escalates, Iran has warned that it will “set fire” to any ships trying to pass through the Strait of Hormuz, delivering a sudden shock to the global economy. Around 20 per cent of the world’s gas and oil is shipped through the waterway, with the Iranian threat proving highly damaging for global trade.
