Kathmandu. The fire of the Iran war has now plagued the United States and European countries. The threat of a recession is increasing in the United States, and fear is spreading in Europe as well. The biggest reason for this is the increase in the price of crude oil. <\/p>\n
Oil and gas supplies have been affected due to the suspension of shipments through the Strait of Hormuz. This has led to an increase in the price of fuel in many countries of the world. The United States is the world’s largest producer of oil. But it has also seen the biggest recent increase in fuel prices. Crude oil has risen by $50 per gallon from its lowest point in December. <\/p>\n
The price of crude oil in the US has crossed $ 102. This is the first time since 2022 that the price of gasoline has crossed $4 per gallon. This is the highest price of gasoline in both terms of President Donald Trump. <\/p>\n
According to a survey by Polymarket, there is a 40 percent chance that the US economy will be in recession by the end of this year. According to experts, people are either preparing for a recession or fearing an imminent recession. <\/p>\n
Terror in Europe<\/strong><\/span><\/p>\n The impact of the Iran war is being felt not only in the United States but also in Europe. Friedrich Merz, the chancellor of Germany’s largest economy, has said that if the Iran war is prolonged, it could have the same impact on Europe and Germany as the coronavirus epidemic. \u2019<\/p>\n Jet fuel prices in Europe have soared by 100 per cent recently. This is despite the fact that the US and Europe import far less oil and gas from the Gulf. <\/p>\n Asian countries are the worst affected. Most of the oil and gas that flows through the Strait of Hormuz goes to these countries. The Philippines has declared a national energy emergency. The Philippines imports 98 percent of its oil from the Middle East. Since February 28, the price of gasoline in the Philippines has increased by 100 percent. <\/p>\n Apart from the Philippines, Vietnam, Singapore, South Korea, Taiwan, Malaysia and Thailand also import more than 70 percent of their oil from the Middle East. 90% of Vietnam’s crude oil comes from the Middle East. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. The fire of the Iran war has now plagued the United States and European countries. The threat of a recession is increasing in the United States, and fear is spreading in Europe as well. The biggest reason for this is the increase in the price of crude oil. Oil and gas supplies have been […]<\/p>\n","protected":false},"author":16,"featured_media":248300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-293059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=293059"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293059\/revisions"}],"predecessor-version":[{"id":293060,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293059\/revisions\/293060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/248300"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=293059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=293059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=293059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}