The ongoing conflict between Iran, the US and Israel has completed 100 days, and this war is no longer limited to the military front but has also had a profound impact on the global economy, financial markets and the energy sector.
At the beginning of the war, many experts had expressed fears that if the Strait of Hormuz were affected, there would be severe unrest in the global markets. This scenario was seen during the last 100 days, where oil prices recorded a significant increase and several countries faced an energy crisis.
The price of Brent crude, which was around $70 per barrel before the conflict, reached $120 in a few weeks. Although it later decreased somewhat, prices still remain at high levels. This increase has increased the cost of transport, electricity and industrial production worldwide.
According to economic analysts, the countries that are most affected are those that depend on Gulf oil. Several economies in Asia, Africa and Latin America have recorded significant increases in fuel prices, leading to rising inflationary pressures.
Not only energy but also the cost of fertilisers, packaging materials, plastics and agricultural products has increased. The increase in natural gas prices has had a direct impact on the agricultural sector, which has resulted in an increase in food prices.
Financial markets have also felt the impact of the crisis. In the early stages of the war, global stock markets suffered a sharp decline, while investors turned to safe havens. Although there was a temporary recovery later with news of a ceasefire and negotiations, uncertainty still persists.
At the political level, negotiation efforts between the United States and Iran continued, but due to the lack of progress on fundamental issues such as the nuclear programme and regional security, no lasting solution could be achieved.
Even after 100 days, the biggest question is whether the parties will move towards a diplomatic solution or the region will suffer from further uncertainty. The answer to this question will affect not only the Middle East but also the future of the global economy.
