War with Iran delivers another shock to the global economy - AP News
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The Bottom Line
The conflict with Iran is causing significant global economic disruption, impacting supply chains and energy prices.
How This Affects You
This conflict could lead to higher energy costs, including gasoline and utility bills, and increased prices for imported goods due to supply chain disruptions.
AI Summary
A war with Iran has initiated another significant disruption to the global economy. This conflict is expected to exacerbate existing supply chain vulnerabilities and drive up energy prices, particularly oil. Analysts anticipate a period of increased market volatility and potential inflationary pressures worldwide. The immediate impact includes heightened uncertainty for international trade and investment. Future economic stability will largely depend on the duration and scope of the conflict, and the international community's response to mitigate its effects.
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This article is part of a story we're tracking:
Iran & Middle East Conflict
Tracking the evolving military and diplomatic situation across the Middle East, including US-Iran tensions, Israeli operations, proxy conflicts, and the broader geopolitical implications for the region.
Economy & Markets
Monitoring the US and global economy including inflation, employment, Federal Reserve policy, trade tensions, market volatility, housing affordability, and the financial pressures facing American households.
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GlobalWar with Iran delivers high oil prices and another shock to the global economy
Much of the pain is being caused by an effective closure of the Strait of Hormuz, which carries a fifth of the world's oil.
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<p>Ten days into President Trump's <a href="https://www.axios.com/world/iran" target="_blank">Iran</a> campaign, the war has gone global.</p><ul><li><a href="https://www.axios.com/2026/03/03/iran-war-countries-gulf-qatar-us" target="_blank">At least 20 countries</a> are now militarily involved — shooting, shielding or quietly supplying — while a widening energy shock punishes nations far from the front lines.</li></ul><p><strong>Why it matters: </strong>This isn't World War III. But it may be the closest we've come in decades — drawing in more countries, more great powers and more overlapping conflicts than any crisis since the Cold War.</p><hr><p><strong>Zoom in: </strong>Iran has <a href="https://www.axios.com/2026/03/02/iran-war-expanding-israel-lebanon-gulf-cyprus" target="_blank">struck at least 10 countries</a> since the war began, hitting U.S. and Israeli bases, Persian Gulf capitals, oil infrastructure and civilian areas in an attempt to impose maximum pain on Washington and...
FinanceCracks emerged in a resilient US economy before war in Iran sent oil prices rocketing - AP News
<a href="https://news.google.com/rss/articles/CBMitgFBVV95cUxNVGZxOGhaUlRKVUVIWkd3QUVubEZPTHFvc3hZeFBBZG1nVXlId1N1d2FlTmNLeVY5bHp0bW1SZ18zZndOa0ExSGZqT3hEQ1NqS0Y1RkgyTWV3ZUpNX2NxeEJmQUxBSDM0YWxTMll6WW1aVm91bGd1SENxa0Z6eWZtTDZyNk1qZjRFS0tJYmRLbVU5UE1KU0UwVzFvSTdYdjlzY3d2c01VNkdYSzlfYl9zMDVsOEtpUQ?oc=5" target="_blank">Cracks emerged in a resilient US economy before war in Iran sent oil prices rocketing</a> <font color="#6f6f6f">AP News</font>
FinanceIn a time of war with Iran, Americans unite in aggravation over sticker shock at the gas pump - AP News
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U.S. investigates strike on Iranian school as the war sparks a global oil crisis
Trump, who promised to lower gas prices, is tapping the Strategic Petroleum Reserve as war drives prices up. And, the U.S. investigates the strike on an Iranian school that killed at least 165 people.
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Global energy markets have been rocked by the U.S. war with Iran, as shipments through the Strait of Hormuz have been all but completely cut off. But one location that has not been hit is Kharg Island, which is roughly 16 miles off the coast of Iran and 300 miles from the Strait of Hormuz.…
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