Impact of US-Iran War on Global Economy, Markets, and Livelihoods
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📋 Article Processing Timeline
- 📰 Published: May 15, 2026 at 17:48
- 🔍 Collected: May 15, 2026 at 18:02 (14 min after Published)
- 🤖 AI Analyzed: May 15, 2026 at 19:48 (1h 45m after Collected)
The ongoing US-Iran war has severely impacted the global economy. As the conflict disrupts the Strait of Hormuz, India raised petrol and diesel prices by over 3%, while Spain extended a 10% tax discount on fuels. Meanwhile, US President Trump and Chinese President Xi Jinping agreed in Beijing that the Strait of Hormuz must remain open without tolls. Consequently, Iran announced it had permitted Chinese vessels to transit the strait.