Global commodity prices surged as the fallout from the US and Israeli war with Iran reverberated beyond the Middle East.
The benchmark international oil price rose 4%, reaching its highest level in more than a year, as traffic through the Strait of Hormuz ground to a halt.
European gas prices skyrocketed around 70% this week after Qatar said it would halt liquefied natural gas output. India, for example, slashed gas sales to industrial firms, anticipating tighter supply.
Metals, too, are at risk: Bahrain, Saudi Arabia, and the UAE are key aluminum exporters, and the Middle East accounts for about 7% of global output; the commodity’s price jumped as the conflict’s fallout hit the Gulf.
