Global Trade Crisis Looms as Iran-Israel Conflict Escalates

New Delhi: The ongoing conflict between Iran and Israel is no longer limited to two countries but has turned into a'world war '. Iran has broken the back of global trade by targeting US military bases in countries like the United Arab Emirates (UAE), Kuwait and Qatar. The Strait of Hormuz in particular, which is considered the world's crude oil supply artery, is threatened with closure. If this waterway is blocked, the price of petrol and diesel in India may rise sharply, which will directly hit the common man's kitchen budget and inflation. On the other hand, for stock market investors, next Monday may prove to be'dull '. The 961 points crash seen in the Sensex on Friday was just a trailer, but the way seven to eight countries have jumped into the war may see a massive sell-off in the market. Foreign institutional investors (FIIs) are also pulling out of the US dollar from the safe-haven Indian banking sector.