The ongoing US-Israeli conflict in Iran could force more than 30 million people back into poverty, according to the United Nations. Disruptions from the closure of the Strait of Hormuz are impacting fuel and fertiliser supplies, leading to decreased agricultural productivity and heightened global food insecurity.

Oil prices surged above $106 per barrel amid escalating US-Iran tensions in the Strait of Hormuz, following reciprocal vessel seizures. The increase represents a nearly 5% rise since late Wednesday, reflecting concerns over shipping disruptions in a key global energy transit route.