Daily brief
The economic and logistical fallout from the US-Israel conflict with Iran continues to widen, with global oil prices spiking and triggering automatic shutdowns in Asian stock markets. Shipping traffic through the critical Hormuz Strait has reportedly dropped by 80%, and airfares in Europe have surged as demand shifts to direct flights away from conflict zones.
Israeli airlines have resumed flights and the Ben Gurion airport has reopened, while the IDF has eased some wartime restrictions following pressure from the Finance Ministry to reopen businesses.
Damage to the Israeli economy from the conflict is estimated at about $3 billion per week, according to reports.
Russian President Vladimir Putin stated Russia may halt gas supplies to Europe amid the energy market volatility caused by the Iran conflict.
Fertilizer prices are spiking due to the conflict, with experts warning a worse supply crunch may be coming.