Washington/Tehran, March 9 -- As the US-Israel war on Iran has entered its second phase, the initially seeming strength of the global market has all but collapsed, as the strikes to the global economy have been significant, with both countries also sharing a good deal of the financial damage.
Striking at the leadership and infrastructure of a country of around 90 million people, with significant military capacity and positioned at the centre of several of the world's most critical supply routes, inevitably carries economic consequences that may take weeks or months to fully emerge.
Those consequences are already beginning to surface. Oil prices surged sharply at the start of the week, jumping about 25 per cent overnight to nearly USD 120 ...