May 3: Impact of U.S.-Iran War on Global Economy, Financial Markets, and Daily Life
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The U.S.-Iran conflict is severely impacting the global economy. UNHCR reports skyrocketing aid delivery costs, while Singapore warns of an economic slowdown and potential recession due to the closure of the Strait of Hormuz. Japan has released a second round of national oil reserves and strengthened cooperation with Vietnam on critical minerals to ensure resource stability.