The escalating air strikes in the Israel-Iran conflict are causing significant upheaval in global energy markets, with oil prices surging to $76.45 per barrel. This situation endangers 20 percent of the world's oil supply that passes through the Strait of Hormuz, a crucial trade route. The potential rise in oil prices poses challenges to the cost of living globally. Meanwhile, both Iran and Israel face economic pressures; Iran struggles under Western sanctions, while Israel grapples with the financial impacts of its ongoing military operations in Gaza.
The ongoing air strikes in the Israel-Iran conflict have created significant turmoil in global energy markets, raising inflation fears and affecting oil prices that are critical to the world's economy.
Every missile launched could potentially disrupt the flow of 20 percent of the world's oil, which travels through the vital Strait of Hormuz, impacting global trade and economic stability.
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