Energy crisis hits global markets

Global energy markets are reeling as the U.S.-Israeli war on Iran threatens vital shipping routes in the Persian Gulf.

In the U.S., gasoline prices have surged over a dollar, while European finance ministers are calling for windfall taxes on energy companies to curb inflation.

The crisis is also affecting developing nations like Sri Lanka and Senegal, which are struggling to manage rising import costs.

Major industries, including plastics and aviation, are implementing emergency surcharges as supply chains face unprecedented pressure.