Stagflation fears rise as escalating Iranian war drives up oil price again – business live

2026-03-12 - 07:42

Rolling coverage of the latest economic and financial news Oil price tops $100 again as Iran strikes economic targets across Middle East The latest escalation in the Iran war has hit Asia-Pacific stock markets, with Europe expected to fall at the open too. In Tokyo, Japan’s Nikkei 225 index has fallen by 1.3% today, as has Australia’s S&P ASX 200 index. “The Strait of Hormuz is a fertiliser chokepoint. Qatar, Saudi Arabia, Oman, and Iran together supply a substantial share of the world’s traded urea and phosphates, and virtually all of it transits Hormuz.” Continue reading...