Some businesses have been enjoying bumper profits while households all across the world are calculating the expenses of the US-Israel war in Iran. The battle and Iran’s successful blockage of the Strait of Hormuz are creating uncertainty, which is raising living expenses and negatively affecting government, business, and family finances.
While some have been forced to the verge, others have achieved record profits because their main businesses are more profitable during a war or because energy prices are unstable. The war’s greatest economic effect to date has been an increase in energy costs. The Strait of Hormuz is used to transport about 25% of the world’s gas and oil, but by the end of February, those shipments essentially stopped.
As a result, the energy markets have seen wild price swings, with some of the largest oil and gas businesses in the world profiting. Due to their trading arms, European oil corporations have benefited the most from dramatic price fluctuations that have increased revenues.
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