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AAP
AAP
Business
Jacob Shteyman

World economy counts cost of war as strait closes again

United States Oil Iran Australia Strait Susie Dodds Strait of Hormuz Reserve Bank
The Mideast war is expected to have ripple effects on the global economy which could last years. (Joanna Kordina/AAP PHOTOS)

War is the most damaging form of economic shock, new International Monetary Fund research reveals, as a breakdown in the Middle East ceasefire adds more fuel to Australia's inflation fire.

Fewer than 24 hours after it was struck, the two-week truce was already on life support after Iran closed the Strait of Hormuz following Israeli attacks on Iranian ally Lebanon.

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