Europe will suffer the biggest hit to trade from a lengthy war in the Middle East, according to analysis by the World Trade Organization.
Europe’s goods exports could contract by 0.6 per cent this year in the event that energy prices remain high, based on WTO modelling, compared with the 0.5 per cent growth in value it had anticipated before the war.
The Iran war has upended trade in a swath of vital commodities from gas to helium. Oil prices hit $115 a barrel on Thursday morning and European gas prices soared as tit-for-tat strikes on energy infrastructure in the Gulf escalated.
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