US-Iran Conflict Escalates: Global Markets Reel as Blockade Takes Effect

Washington: On the 44th day of the ongoing conflict between Iran and the United States, global politics and the economy are in a major turmoil. US Central Command (CENTCOM) has confirmed that as announced by President Trump, a blockade of all Iranian seaports has been started from 10 am on 13 April. The US Navy will now stop all ships going to or from Iran. This move has led to a peak in tensions in the Gulf countries. Market Panic and Inflation: As soon as the blockade was announced by the US, global markets are in panic. The price of crude oil has jumped by 8.7% to $1 per barrel, which was only $67 before the war began. Japan's Nikkei has fallen by 1%, South Korea's Kospi by 1.1% and Hong Kong's Hang Seng by 1.5%. To tackle the energy crisis, Germany's Deutsche Freie Chance has also announced a reduction in petrol and diesel prices by 17 cents in Europe.