The conflict in the Middle East, centered on the intervention of Israel and the USA in Iran, has led to a significant increase in fuel prices, considering that Iran has blocked access through the Strait of Hormuz, a crucial point for the transport of over 20% of the world's oil. A Coface analysis highlights that the effects extend beyond transportation costs, affecting the entire commodity market. Brent oil has risen by 50% in a month, reaching 119 dollars, while retail gasoline prices in the USA have hit a record of 3.96 dollars/gallon. Natural gas and fertilizers have become more expensive, and natural gas prices in Europe have increased by 85%. Additionally, the blockage in the Strait of Hormuz affects aluminum production, with Aluminium Bahrain suspending 19% of its output. This situation could have a significant impact on food prices and other industries if tensions persist.
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