#GlobalEconomy

Japan is also trying to diversify oil procurement sources, looking at the United States and Russia, as the Middle East situation remains unstable.

The US enjoyed the biggest GDP growth of the world’s leading economies at the start of 2026, expanding by 2% in the first quarter, officials said.

The rapid depletion of commercial stockpiles and emergency reserves has come at a time when ‌stockpiles are typically ‌built in preparation for the Northern Hemisphere summer.

Japan has capped gasoline prices at around ¥170 per liter through subsidies after they surged to about ¥190 after the start of the Iran war.

We're seeing the first tremors of a similar earthquake now in Asia. More than 80% of the oil and gas that passes through the Strait of Hormuz heads east.

Inflation could surge past 6pc if the war in the Middle East triggers a prolonged energy price shock, the Bank of England has warned.

Britain’s borrowing costs have hit their highest level since 1998 as oil prices surged to nearly $120 per barrel.

The total market capitalization of Korean-listed companies has surged more than 45% this year to $4.04 trillion, while the U.K.'s has climbed about 3% to $3.99 trillion.

The cost of government borrowing has jumped at its fastest pace since the start of the Iran war this week as Sir Keir Starmer faces pressure to resign.

Rachel Reeves’s raid on wealth has helped the Treasury rake in a record £30bn from capital gains and inheritance tax.

The Bank of England is “flying blind” on inflation as policymakers decide whether to raise interest rates over the Iran war.

Workers are seeing the slowest pay rises in more than five years in a blow to households already facing soaring bills triggered by the war in Iran.

Household concerns about personal finances have hit a three-year high as the Iran war threatens a fresh spike in inflation.

Two of Europe’s biggest airlines have cancelled hundreds of flights in response to soaring fuel costs caused by the Iran war.

Oil could rise to $150 a barrel under a US blockade of the Strait of Hormuz, a major trader has warned.

US petrol prices have soared by more than 20pc in the wake of Donald Trump’s war in Iran.