How badly has the Iran war hit the global economy? The tell-tale signs

Oil and gas price hikes due to the war have rattled the global economy.

The United States-Israeli war on Iran and Tehran’s retaliatory strikes across the Gulf region have upended global financial and energy markets, raising concerns of a global economic crisis – and even of a recession.

Here’s a look at tell-tale signs that reveal the global economic fallout from this war:

Since the US-Israeli strikes on Iran began on February 28, Tehran has launched a wave of ballistic missiles targeting Israel, US military bases, oil depots and other infrastructure across the Gulf region.

Iranian attacks on several vessels passing through the Strait of Hormuz have also dramatically reduced traffic in the narrow channel, through which about 20 percent of global oil and gas supplies transit. On Thursday, Iran also attacked fuel tankers in Iraqi waters.

All of this has combined to send oil prices soaring. As of Monday morning, Brent crude, the industry benchmark, was priced at $106 per barrel, up more than 40 percent from $72 per barrel on February 27.