Israel-Iran war… Gold, crude oil prices likely to rise!
Iran-Israel war impact: Israeli Prime Minister Benjamin Netanyahu has said that he is ready for anything after Iran launched missiles and drones on Israel. On the 1st, Israel launched an airstrike on the Iranian embassy in the Syrian capital, Damascus, while Iran is providing arms support to terrorist organizations operating in Syria and Lebanon to attack Israel. In response, Iran launched missiles and drones at Israel. In such a situation, the United Nations is responsible for Iran’s attack on Israel. There itself America Many countries including Canada and Germany have strongly condemned it.
impact on global economy
The growing threat of war between Israel and Iran has again raised global inflationary tensions. There is a possibility of difficult situations ahead for the global stock market and economy. Besides, the import-export business of many countries may also be affected. Apart from this, the price of gold may also increase. In such a situation, experts believe that the times to come may be difficult.
Inflation likely to rise: Expert
Iran’s latest attack has heightened tensions in the region that produces a third of the world’s crude oil. In such a situation, if tension increases between the two countries, the price of crude oil may increase. Experts believe that this will increase inflation further. This may cause instability at the global level including the Indian stock market.
Crude oil prices may increase
The price of crude oil increased by 19% from $75.89 per barrel on January 2, 2024 to $90.45 per barrel on April 12, 2024. Now due to the increasing tension between these two countries, there is a high possibility that oil imports and hence exports will be affected. As inflation rates rise, central banks will be less likely to lower interest rates.
impact on stock market
Expressing their views on the possible impact of Iran-Israel war on Indian stock market and economy, economists say the risk of war escalation and seizure of a ship by Iran could see volatility in India’s stock markets. The world is keeping a close eye on the reaction of Israel and G7 countries. Benchmark equity index BSE Sensex recently touched an all-time high of 75,124.28 on April 4, 2024.
rising prices of gold
Also, experts have warned that we may see uncertain times and difficult days in the coming times as there is a possibility of retaliation from Israel. Gold prices rose by more than Rs 1,000 to Rs 72,931 per 10 grams on Friday due to rising geopolitical tensions. This geopolitical uncertainty led gold prices to rise by 1.60%.
