An Iranian strike on a power station in Kuwait killed one Indian worker and damaged a building at the site, the Gulf state’s electricity ministry said on Monday.
The International Atomic Energy Agency (IAEA) said that Iran’s heavy water production plant in Khondab was no longer operational after an Israeli strike.The conflict has put global oil and gas supplies at risk, led to shortages of fertilisers, and affected air travel. Iran’s control over the Strait of Hormuz has unsettled markets and pushed up prices, as the route carries about one-fifth of the world’s oil trade.
The involvement of the Houthis could add further pressure on global shipping if they resume attacks on vessels in the Bab el-Mandeb Strait off the Red Sea. This route handles roughly 12% of global oil shipments and a significant share of international trade.
Global Economic Aftershocks
The military confrontation has sent shockwaves through global markets, placing the world’s energy security in its most precarious state in decades.
- Energy Markets: With Iran exercising tight control over the Strait of Hormuz, through which one-fifth of the world’s oil trade passes, Brent crude prices have surged past $120 per barrel.
- Supply Chain Disruptions: The instability has led to critical shortages of fertilisers, threatening global food security, and has severely impacted air travel. Major airlines have been forced to reroute flights to avoid regional airspace, leading to mass cancellations and spiked ticket prices.
As the Strait remains a geopolitical chokepoint, international analysts warn that a prolonged closure could drive global inflation to new heights. The UN and world leaders continue to call for restraint, fearing that further strikes on industrial or nuclear infrastructure could lead to an irreversible humanitarian and economic catastrophe.
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