Israel Iran War · 16 March 2026
Iran attacks halt Strait shipping, oil prices jump 45%.
The Middle East war's impact is raising global energy crisis concerns and hurting the global economy. It's pushing up fuel and fertiliser costs, and risking food scarcity for poorer nations. Iran's attacks, including a drone strike that closed Dubai's airport temporarily on Monday, have halted shipping in the Strait of Hormuz. Brent crude, an international oil type, was trading above $100 a barrel, up nearly 45% since 28 February.
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