Iran war spreading economic damage far beyond oil and gas markets

The conflict has hit Europe and Asia harder than the United States, with rising shipping costs and energy prices.

March 8, 2026 at 5:00 a.m. EDT Today at 5:00 a.m. EDT
8 min


A dockyard in the Strait of Hormuz, seen Feb. 25. (Giuseppe Cacace/AFP/Getty Images)

By David J. Lynch

Iranian missile and drone attacks have disrupted the flow of commerce through one of the global economy’s most critical hubs, paralyzing much of the ocean and air traffic that carries goods between Asia and Europe while punishing investors in faraway financial markets.

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