How Iran war could impact global economy
Tensions related to the Iran war and Iran's threats to block the Strait of Hormuz have the IMF worried about a global price surge.
If oil stays above $100 a barrel for a year or longer, worldwide inflation could rise by up to 2%, and economic growth might dip by about 1%.
About a quarter of seaborne oil and roughly one-fifth of LNG shipments pass through the Strait of Hormuz.
Global repercussions
Rising energy prices are hitting countries like the Philippines, Pakistan, Sri Lanka, and even the US.
Everyday costs are climbing fast in these places, with food prices in Iran soaring by 40% and rice now seven times more expensive.
The US isn't immune either; higher oil prices could slow job growth and raise recession risks.
Basically, what happens in this region can end up affecting your wallet, job market, and cost of living, no matter where you are.