What's the impact of the Israel-Iran conflict on oil prices? | Counting the Cost

As the Israel-Iran conflict escalates, every missile launched could reverberate through the global economy. At risk is 20 percent of the world's oil, which flows through the Strait of Hormuz. Vital trade routes, the shipping industry, travel and tourism face threats too. Oil prices had soared to $76.45 a barrel. If they continue to go up, it would push up the cost of living all over the world. Iran's economy is reeling under Western sanctions. But as Israel presses to choke it even further and with its war on Gaza continuing, its own economy is under extreme stress too. Subscribe to our channel: http://bit.ly/AJSubscribe Follow us on X : https://twitter.com/AJEnglish Find us on Facebook: https://www.facebook.com/aljazeera Check our website: http://www.aljazeera.com/ Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/ Download AJE Mobile App: https://aje.io/AJEMobile #Israel #israelattacksiran #iranisraelwar #oilprice #economy #hormuz #iran #aljazeera #aljazeeraenglish #aljazeeranewslive