Iran-Israel tensions send shockwaves to global oil markets
Emerging-market currencies and stocks took a hit on Monday, with the Philippine peso and Taiwan dollar falling hardest.
The big reason? Oil prices are climbing fast as tensions between Israel and Iran disrupt global energy supplies—especially tough news for countries like India, the Philippines, and Thailand that rely on imported oil.
Oil prices are expected to rise further
With the Strait of Hormuz—where a fifth of the world's oil passes through—effectively closed off, importing countries are seeing their currencies lose value and inflation concerns rise.
Insurance companies have even stopped covering ships in the area because of the risk, pushing Brent crude to its highest level in more than a year.
Analysts say we could see oil go up another 5-15%, landing between $76 and $84 a barrel.
Military strikes disrupt shipping and raise risks
It's not just market nerves: recent US-Israel military strikes sparked Iranian missile attacks across the UAE, Saudi Arabia, and Bahrain.
These back-and-forth hits have disrupted shipping and raised risks to crude oil and gas supplies, putting even more pressure on already shaky emerging markets.