Iran War Sparks Global Financial Turmoil

0:00The war on Iran has triggered wild swings in global financial markets and send energy prices through the roof. Shares on Wall Street plunge more than 5 percent right after fighting started, while oil jumped over 30 percent in gas prices in Asia more. Then doubled. Bond yields Spike 2, as investors scrambled amid the chaos. President Trump's 48-hour ultimatum to Iran led to a tense standoff, but his decision to pull back sparked a quick relief rally. He was climbed, oil dipped below $100 a barrel, and yields eased a bit. Still, every tweet or update from the White House keeps markets on edge. Every day people in businesses are already hurting from fuel shortages and soaring costs. To paying gets over 60 percent of its oil through the Strait of Hormuz, now closed, leaving smaller Asia nations and islands like Sri Lanka at risk of. Running dry. Sub-Saharan Africa and South Asia face food shortages as fertilizer supplies dry up. The international energy agency calls this an energy shock bigger than the 1970s oil

1:04crises combined with Russia's Ukraine invasion. Over 40 energy sites across nine countries sit damaged, promising supply crunches for months or even years, no matter how soon the Strait reopens. Countries dependent on those routes will scramble to cut risks long-term, reshaping energy trade forever. Given the U.S. sees gasoline up 35 percent, and diesel over 42 percent, fueling inflation worries that could force interest rate hikes. As effects ripple out, slower growth in strain budgets leave the world with few easy fixes. Stay in foreign with Sydney News today, AI-powered updates. I'm Cory with the story.