May 19: Impact of US-Iran War on International Economy, Financial Markets, and Daily Life

The war waged by the United States and Israel against Iran has led to a global energy supply shortage. In India, fuel prices have risen twice in one week, making Uber drivers worry about their earnings. Meanwhile, a Reuters analysis shows that this Middle East conflict has already cost global corporations at least $25 billion.

Below are the latest updates on the impact of the US-Iran war on the international economy, financial markets, and daily life:

Iran War Hits Global Corporations with at Least $25 Billion in Losses According to a Reuters analysis, the war by the United States and Israel against Iran has cost businesses worldwide at least $25 billion, a figure that continues to climb.

A Reuters report, examining statements from public companies in the U.S., Europe, and Asia since the conflict began, reveals the negative consequences of the crisis. Various industries are struggling to cope with soaring energy prices, broken supply chains, and trade disruptions caused by Iran's blockade of the Strait of Hormuz.

The analysis shows that at least 279 companies have implemented measures such as price hikes or production cuts to mitigate the financial impact. Other companies have suspended dividends or share buybacks, forced employees to take unpaid leave, added fuel surcharges, or sought emergency government bailouts.

Ryanair Warns: Iran War Adds Operational Uncertainty Irish low-cost carrier Ryanair announced its annual financial results on the 18th. For the 12 months ending in March, its after-tax profit grew by 35% year-on-year to €2.17 billion (approximately NT$79.8 billion). However, the war in the Middle East continues to cast a shadow over its operational outlook for the coming year.

Ryanair CEO Michael O'Leary stated in a release: "With almost zero visibility for the second half of the year and the potential for sharp fluctuations in fuel prices and supply, it is difficult to provide any meaningful profit guidance for fiscal year 2027 at this time."

Indian Fuel Prices Raised Twice in One Week; Drivers Fear Continuous Incremental Hikes After a price hike on the 15th, gasoline and diesel prices in India rose again on the 19th, marking the second increase in a single week. Uber drivers are concerned that if prices continue to rise in small increments, the total cost could become very high, making it difficult to earn a profit.

The Press Trust of India (PTI) reported that fuel prices were raised twice in one week. The largest increase was in Kolkata, where gasoline rose to ₹109.70 per liter (approx. NT$35.42) and diesel to ₹96.07 per liter (approx. NT$31.53).

In the capital, Delhi, gasoline rose to ₹98.64 per liter and diesel to ₹91.58. In Mumbai, gasoline reached ₹107.59 and diesel ₹94.08. In Chennai, gasoline was ₹104.49 and diesel was ₹96.11.

An Uber driver named Ravindra told a CNA reporter that while the current price increases aren't too drastic, the fact that they occurred twice in one week worries him. He fears, as he has heard, that prices will rise incrementally rather than in one large jump, eventually reaching a very high level.

Kenyan Fuel Price Hikes Spark Protests; Public Transport Strike Affects Commuters Impacted by the war in Iran, rising fuel prices in Kenya led to protests in several towns on the 18th. The public transport sector also launched a national strike, forcing many commuters to walk to work.

Kenya's Energy and Petroleum Regulatory Authority raised retail fuel prices by up to 23.5% last week, following a 24.2% hike just last month. The primary cause is the tightening of global oil and gas supplies due to the Middle East conflict.

US Extends Waiver on Russian Oil Sanctions for Another 30 Days to Ease Global Price Surge With global energy prices continuing to climb due to the Iran war, the U.S. Department of the Treasury announced on the 18th that it would extend the sanctions waiver for Russian oil already in transit by sea for another 30 days. The U.S. aims to alleviate pressure on the international oil market.

The U.S. first issued a 30-day waiver for Russian oil in transit in March, extended it in April, and has now extended it for a second time. According to the Treasury's announcement, the new waiver will last until 12:01 AM EDT on June 17.