War with Iran delivers another shock to the global economy

Mihaela Păun

WASHINGTON (AP) — The war with Iran is doing collateral damage to the world economy. The conflict is driving up energy and fertilizer prices; threatening food shortages in poor countries; destabilizing fragile states such as Pakistan; and complicating options for the inflation fighters at central banks like the Federal Reserve. Causing much of the pain: Iran shut down the Strait of Hormuz — through which a fifth of world’s oil passes — after the U.S. and Israel launched missile strikes Feb. 28

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