Fatih Birol, head of the International Energy Agency, stated that Europe has maybe six weeks or so of jet fuel left, warning of possible flight cancellations soon if oil supplies remain halted by the war.
China's exports have decelerated as the Iran war starts to affect global demand and supply chains, according to Gary Ng, a senior economist for Asia Pacific at French bank Natixis.
The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.
Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.
Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.
