May 13: Impact of US-Iran War on International Economy, Financial Markets, and People's Livelihoods
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The Iran war is profoundly affecting the international economy, financial markets, and civilian life. The U.S. Energy Information Administration has revised upward its gasoline price forecast, assuming continued closure of the Strait of Hormuz. In Japan, Prime Minister Sanae Takaichi announced no additional release of national oil reserves, having secured crude oil for June. Attacks on an Abu Dhabi natural gas processing plant, delays in high-rise condominium deliveries in Japan, and even monochrome potato chip packaging are among the diverse reported impacts.