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The ongoing conflict in Iran has caused significant turmoil in the global oil markets, with Brent crude oil prices climbing 51% since the start of March, according to LSEG data. This surge has put Brent crude on track for its biggest monthly gain on record, surpassing the previous record of 46% set in September 1990 during the first Gulf War.On Friday, Brent crude closed at $112.57 a barrel, up from $72.48 a barrel on February 27, the day before the US-Israeli war on Iran began. The price of Brent crude traded as high as $119.50 a barrel during March, its highest level since June 2022, after Iran largely closed the Strait of Hormuz, a critical passage for a fifth of global oil and gas.Despite a coordinated release of 400m barrels of oil from emergency reserves announced on March 11, oil prices continued to climb throughout the month. Analysts at BloombergNEF estimate that 9m barrels of oil per day have been knocked off global oil supply due to the Middle East conflict.The conflict has also had a ripple effect on other assets, with gold prices falling by almost 15% since the start of March, on track for its worst month since 2008. The spot price of gold has been under pressure from the sale of about $3bn of bullion by the Turkish Central Bank last week, which cut its reserves by almost 50 tonnes to 772 tonnes to fund efforts to stabilize the Turkish lira.The Dow Jones industrial average has also been impacted, entering a correction at the end of last week, more than 10% below its record high. Stocks fell despite US President Donald Trump's latest extension on planned strikes against Iran's energy infrastructure, as investors anticipated prolonged disruption to oil from the Gulf.“Markets appear to be placing less weight on White House jawboning and focusing more on the underlying supply risks,” said Fawad Razaqzada, an analyst at City Index. Britain's stock market also had a poor month, with the FTSE 100 index falling more than 8% – on track for its worst month since March 2020, when Covid-19 rocked financial markets.

Jeepney driver Arturo Modelo of Manila says his daily earnings have collapsed to roughly one‑third of the usual 600 pesos after fuel costs surged, leaving him unable even to afford his child’s lunch money.Modelo joined a two‑day transport strike on Thursday and Friday, hoping to make a “deaf government” listen to the plight of drivers who can no longer earn a living on the road.The iconic jeepney, born from repurposed U.S. military vehicles after World War II, remains the most affordable commuter option in the Philippines, yet its operators are now bearing the brunt of a global oil shock.Last week, jeepney owners walked out, and this week the protest expanded to include bus, taxi, minibus and motorcycle‑taxi drivers. Nearly a dozen national transport groups marched to the Presidential Palace demanding price caps on petrol and diesel, the removal of fuel taxes, and stricter regulation of the oil sector.Organised under the No to Oil Price Hike Coalition, the demonstrators also blamed “American aggression” against Iran for the domestic economic distress, with union chair Jerome Adonis likening the impact to “a bomb dropped on us”.In response, President Ferdinand Marcos Jr declared a national energy emergency on Tuesday night – the first such declaration in the country’s history. The emergency, set to last one year, grants the government powers to accelerate fuel procurement, curb hoarding and curb profiteering.Fuel prices remain among the highest in Southeast Asia: diesel is now about $2.3 per litre and petrol close to $2 per litre in the Philippines, versus $2.7 and $2.35 respectively in Singapore, while Malaysia, Vietnam and Thailand report roughly half those prices.To alleviate the burden, the administration has introduced a 5,000‑peso ($83) subsidy for motorcycle‑taxi drivers and other public‑transport workers, and disbursed 2.5 billion pesos (≈$414 million) in fuel subsidies to roughly 300,000 transport employees. Unions claim the sector employs about two million people, leaving many without aid.During the strike, picket lines appeared at 85 commuter terminals, and jeepneys were scarce on Manila’s usually congested streets. Authorities, however, argued that the action did not cripple the city’s transport network.Union leader Mody Floranda of the Piston group accused President Marcos of favouring oil companies, saying the president could issue an executive order to cap prices but has yet to act decisively.Energy officials note that 98 % of the Philippines’ crude oil is imported and that the country’s high 12 % value‑added tax, excise duties and a deregulated market – shaped by the Oil Industry Deregulation Law of 1998 – amplify price volatility. Professor Krista Yu of De La Salle University highlighted the nation’s limited refining capacity as a structural weakness.Chief economist Emmanuel Leyco warned that the law allowing industry‑driven price adjustments “is the main culprit”, especially as “half the population is poor”.Amid mounting pressure, Marcos signed legislation permitting the temporary suspension of fuel excise taxes when crude oil prices exceed a set threshold. Opposition lawmaker Renee Co urged that the 12 % VAT also be removed, calling both taxes “regressive” burdens on ordinary Filipinos.Co and other lawmakers have also filed a resolution demanding an immediate end to the U.S.‑Israel‑Iran conflict, linking regional geopolitics to the domestic fuel crisis.

The escalating tensions with Iran have sparked concerns about a potential price crisis that could have significant repercussions on the global economy. While the immediate focus is on the energy sector, analysts warn that the impact will not be limited to oil prices alone.The conflict's effects are expected to ripple through various industries, influencing markets and economies worldwide. As the situation continues to unfold, experts stress the need for a comprehensive understanding of the crisis's broader implications.Iran plays a crucial role in the global energy landscape, but the consequences of a protracted conflict will likely be felt across multiple sectors, potentially leading to a complex and multifaceted economic crisis.

Malaysian Prime Minister Anwar Ibrahim revealed in a televised address that Iran's President Masoud Pezeshkian has allowed Malaysian vessels to pass through the Strait of Hormuz with 'early clearance'. This development comes as the global energy market faces significant disruptions due to the ongoing conflict between Iran, the United States, and Israel.Anwar expressed gratitude to Pezeshkian for the clearance, which will enable Malaysian oil tankers and their crews to continue their journey home. While he did not specify the number of vessels cleared or the conditions for safe passage, he emphasized that Malaysia is working to secure the release of its ships and personnel.The Strait of Hormuz is a vital waterway, facilitating about one-fifth of global oil and liquefied natural gas (LNG) supplies. Iran has claimed the right to control the strait and has been responsible for several attacks on commercial vessels in the region. Despite Iran's assertion that the strait is open to non-aligned ships, there have been reports of Iranian authorities demanding tolls of up to $2 million for safe passage.Malaysia, a net energy exporter and one of the world's top LNG suppliers, imports nearly 70% of its crude oil from the Gulf region. Anwar noted that while Malaysia is better positioned than other nations due to its state-run oil and gas company Petronas, the country will still face impacts from the energy supply disruptions. To mitigate these effects, the government plans to implement fuel conservation measures, including reducing subsidized petrol quotas and encouraging civil servants to work from home.Anwar warned that food, fertilizer, and oil prices are likely to rise due to the disruptions. He emphasized that Malaysia is taking steps to address these challenges, adding that some countries are experiencing far worse impacts than Malaysia.

India has taken a significant step to shield its consumers from the impact of rising global energy prices, slashing fuel taxes in the face of increasing tensions between the United States, Israel, and Iran. The move aims to prevent a sharp increase in fuel prices that could have been triggered by the crisis.Petroleum Minister Hardeep Singh Puri announced on Friday that the government had decided to reduce petrol duties from 13 rupees ($0.14) per litre to 3 rupees ($0.032) per litre. Additionally, the 10-rupee (0.11) per litre duty on diesel has been completely removed, effective immediately.The decision comes as oil prices have surged past $100 per barrel following Iran's near-closure of the Strait of Hormuz after Israel and the US launched attacks on February 28. India, being the world's third-largest crude importer, relies heavily on this passageway for its crude oil supply, with about 40 percent of its crude coming through the Strait of Hormuz.Despite concerns about potential shortages, authorities have assured that there is no shortage of crude and that current reserves will cover 74 days. The government also moved to quash rumours of an impending lockdown, with Minister Puri stating that such claims are 'completely false' and that India is 'resilient.'The impact of the tax cuts on pump prices for ordinary consumers remains uncertain. Analysts suggest that oil companies previously selling at a loss are likely to benefit from the tax reductions. According to economist Madhavi Arora from Emkay Global, the annualised fiscal hit from these cuts is estimated at nearly 1.55 trillion rupees ($16.3bn).In a related move, finance authorities have reimposed export taxes on diesel and aviation fuel, raising them to 21.5 rupees ($0.23) and 29.5 ($0.31) rupees per litre respectively. This comes after the taxes were previously scrapped in 2024.

The US stock market closed on Friday with a significant selloff, sending the Dow into correction territory and marking the fifth consecutive week of declines. The Dow fell 800 points, while the Nasdaq index dropped another 2% and the S&P; 500 closed 1.6% lower.Oil prices continued to rise, with Brent crude surging past $110 a barrel. Despite Donald Trump's announcement of extending a pause on Iranian energy strikes, markets remained on edge. Trump has suggested that oil prices and the stock market will stabilize once the conflict ends, but it's unclear if markets will believe him.Consumer sentiment in the US has also declined, with a 6% drop in March, according to a University of Michigan survey. This decline was observed across all age groups, political parties, and income levels. Inflation expectations rose from 3.4% to 3.8%, the largest one-month increase since last April.The Organization for Economic Cooperation and Development (OECD) revised its global GDP growth projections downward, citing the Iran conflict as a significant source of uncertainty. The report warned of higher global inflation due to the spike in energy prices and noted that the Middle East conflict would disproportionately affect the UK's economy.

The recent developments in the conflict between the US and Iran have left global markets reeling. President Donald Trump's threat to attack Iran's civilian power infrastructure led to a surge in oil prices, a plummet in stock futures, and a climb in bond yields. However, the president quickly walked back his statement, announcing that talks with Iran were going well. This move, dubbed 'Taco' (Trump Always Chickens Out), was first seen during the tariffs crisis last year. The immediate market reaction was significant, with bonds and stocks recovering rapidly after Trump's statement. The S&P; 500 stock index jumped 1.5% by 9:30 am in New York, defying earlier futures contracts that signaled a 1% daily decline. However, Iran's response has shown that Trump's tactic may be losing steam. Iranian officials denied the 'productive conversations' Trump claimed had taken place, and launched missile attacks on Israel, Iraq, and other American allies in the Gulf. This has led to renewed market volatility, with oil prices rebounding and stocks giving up their gains. The article suggests that Trump no longer has control of events in Iran and that the conflict's outcome will likely be decided by Tehran. The Iranian regime has little incentive to back down, having already suffered significant losses but still capable of imposing enormous costs on the world by throttling the Strait of Hormuz and depriving the global economy of 12.5 million barrels of oil and 11.5 billion cubic feet of gas per day. As markets continue to react to the situation, it appears that Trump's 'Persian Tacos' may not be enough to calm investor nerves. The S&P; index lost 1.78% on Thursday, closing at a new low for the year, and the price of Brent crude hovered around $108.

The reliance on oil revenue has significant implications for countries like Iran and Nigeria, as well as the broader African continent. Economic diversification remains a crucial goal for these nations to mitigate the risks associated with fluctuating oil prices and global energy trends.Africa, in particular, faces a complex situation, as many countries on the continent are heavily reliant on oil exports to drive economic growth. This oil dependency can make these nations vulnerable to external economic shocks and limit their ability to invest in long-term sustainable development.Iran and Nigeria, as two of Africa's largest oil producers, are working to diversify their economies and reduce their dependence on oil revenue. This process involves investing in alternative sectors, such as agriculture, manufacturing, and renewable energy, to create a more resilient and sustainable economic foundation.

Oil prices have climbed higher amid fading hopes of deescalation in the Iran war following Tehran’s denial that talks with the United States are under way.Futures for Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump’s administration.The rise comes after oil prices eased on Wednesday following reports that Trump had shared a 15-point plan for ending the war with Iran.Iranian Foreign Minister Abbas Araghchi said in an interview with state media aired on Wednesday that Tehran was not engaged in direct talks with Washington and has “no intention of negotiating for now”.White House Press Secretary Karoline Leavitt warned on Wednesday that Iran would be “hit harder” than ever before if Tehran did not accept military defeat.Iran’s effective closure of the Strait of Hormuz, a conduit for one-fifth of global oil supplies, and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide.Oil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28, prompting numerous countries to implement fuel rationing and other energy conservation measures.Market-watchers say prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency.While Tehran has repeatedly claimed that the strait is open to ships that are not aligned with its enemies, daily transits have all but collapsed since the start of the conflict.Four vessels were tracked transiting the waterway via their automatic identification systems on Tuesday, down from an average of 120 daily transits before the conflict, according to maritime intelligence firm Windward.