Commentary: How the war in Iran could impact global economy, including Singapore

SINGAPORE: The global economy that has weathered a year of trade tariffs and other shocks now faces a new test: an escalating United States-Israel conflict with Iran that threatens to disrupt global oil and natural gas supplies and unleash potentially far-reaching implications for the world. Oil prices have already risen sharply, driven more by uncertainty than by confirmed supply losses. Much of this caution stems from the pivotal role of the Strait of Hormuz, a narrow waterway to the south of Iran that handles roughly 20 per cent of global oil consumption and a fifth of global liquefied natural gas…