business ๐ฅ Iran war jacks up global energy import costs
The conflict involving the US, Israel, and Iran caused the world's oil and gas import bill to increase by $330 billion between March and August. The Centre for Research on Energy and Clean Air noted this Persian Gulf disruption was the biggest since the 1990 Gulf War. The European Union saw its bill surge by $78 billion, while India paid an extra $22 billion for energy imports. China also faced an extra $35 billion cost, despite shrinking its imports amid the crisis. These high prices are expected to persist as the EU and Asian nations stock up for winter. โฝ