Middle East War Will Slow Global Economic Growth, I.M.F. Warns
The conflict could also fuel another bout of inflation, according to the International Monetary Fund.
The conflict could also fuel another bout of inflation, according to the International Monetary Fund.
Migrant workers in the United Arab Emirates, whose hospitality industry has been hit hard by the war with Iran, are facing furloughs, pay cuts and even repatriation.
President Trump’s cease-fire with Iran appears at risk as Vice President JD Vance heads to Pakistan for discussions with Iranian officials.
The conflict in the Middle East has left the Federal Reserve braced for higher inflation, with more officials open to the possibility of rate increases.
A gallon has climbed to nearly $6 in the state, about $2 above the national average.
Treasury Secretary Scott Bessent said removing sanctions on Iranian oil would lower global prices.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.
The United States and Israel launched more strikes against Iran, where crowds mourned military commanders killed in the war. Israel also bombed targets in Lebanon, where the death toll climbed.
Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.
President Vladimir V. Putin threatened to cut off remaining gas supplies to Europe as the Iran war drives a surge in energy costs.