Iran War Rattles Global Economy: Oil Surges, Markets Brace for Upheaval

• The two-week-old Iran war has intensified US strikes, disrupting energy flows and global markets.
• Brent crude traded above $100 a barrel after a volatile week, with Iran threatening to keep the Strait of Hormuz shut.
• Policymakers globally are preparing for surging energy and commodity prices, fearing the biggest economic shock since the pandemic.
• Europe faces inflation threats, with UK and German economies stalling; Asia, particularly India and the Philippines, risks new credit issues.
• US consumer spending slowed, while Israel approved a $13 billion budget increase to cover war expenses.