The global economy is under pressure as the Iran conflict escalates, with WTI crude oil prices soaring past $80 for the first time since January 2025, leading to significant losses in U.S. markets. The ongoing geopolitical tensions have resulted in the largest weekly gain in oil prices since 2022, affecting global economic forecasts.
Impact Assessment
CRITICAL
Critical — high-severity event with significant regional or international consequences
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Rio Times
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