May 23: Impact of the US-Iran war on the global economy, financial markets, and daily life

Central News Agency (Taipei, May 23) - The war in the Middle East is impacting the global economy. According to World Bank documents, 27 countries have taken action to ensure they can quickly access funds from existing World Bank programs since the outbreak of the US-Iran war. India has raised gasoline prices three times as international oil prices remain high. Internal World Bank documents show that since the outbreak of the US-Iran war, 27 countries have taken steps to ensure they can quickly access funds from existing World Bank programs. Officials in Kenya and Iraq confirmed they are seeking rapid financial support from the World Bank to cope with the impact of the Middle East war. Kenya is facing skyrocketing fuel prices, while Iraq is mired in a slump in oil revenues. The Middle East war is affecting global energy supplies, and India, which relies on imports for over 80% of its crude oil, has been hit hard. Gasoline prices in India have risen three times recently, with gasoline in Delhi reaching 99.51 rupees (approx. NT$32.71) per liter, and diesel reaching 92.49 rupees (approx. NT$30.40) per liter. The Indian government initially used subsidies to stabilize prices, but after related companies could no longer bear the sustained massive losses, domestic gasoline prices were raised for the first time on the 16th, raised again on the 19th, and a further increase was announced today. Markets are assessing the prospects for a US-Iran ceasefire agreement, and oil prices fluctuated today, closing slightly higher. The July futures price for West Texas Intermediate (WTI) crude in New York rose 0.3% to close at $96.60 per barrel. The July futures price for Brent crude in London rose 0.9% to close at $103.54 per barrel.