Increasing gas prices have widespread economic consequences, specifically with higher fuel costs increasing inflationary pressures and elevating the costs of goods. With gas being a core input for transportation and production, a rise in price means businesses face higher costs, which are then passed on to consumers.
Read More84% of the crude oil that passes through the Strait of Hormuz is destined for markets in China, India, and South Korea, among other Asian countries. China also buys more than 90% of Iran's oil exports, and around 53% of India's imported oil in early 2025 came from Middle Eastern suppliers. Meanwhile, Europe faces a second large disruption in the energy market over the last decade, after previous complications stemming from the Russian invasion of Ukraine.
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