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The Independent UK
The Independent UK
National
Paul Wiseman

Worries about global economic pain deepen as the war in Iran drags on

Iraq Iran War - (Copyright 2026 The Associated Press. All rights reserved.)

U.S. and Israeli attacks on Iran have driven up prices, darkened the outlook for the world economy, sent global stock markets reeling and forced developing countries to ration fuel and subsidize energy costs to protect their poorest.

Ongoing strikes and counterstrikes on Persian Gulf refineries, pipelines, gas fields and tanker terminals threaten to the prolong the global economic pain for months, even years.

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