In numbers: Global economic shock of US-Israeli war on Iran

Less than two weeks after the United States and “Israel” launched an aggression against Iran on February 28, the war has already imposed massive economic costs on the global economy.

The war has not only resulted in heavy casualties across the region but has also disrupted global energy markets, shipping routes, and air travel, sending shockwaves through international trade, according to a Foreign Policy report.

Billions spent on war effort

The United States alone has already spent $11.3 billion during the first six days of military operations, according to estimates presented by US defense officials in a closed briefing to lawmakers.

The figure does not include the months-long military buildup prior to the attacks, suggesting the real cost is far higher.

During the first two days of the war, the United States reportedly used $5.6 billion worth of munitions, including missiles and advanced weapons systems.

Analysts estimate that around 1,250 offensive and defensive munitions were used within the first 36 hours of the operation known as “Operation Epic Fury.”

The rapid consumption of weapons has raised concerns about the strain on Western arms production and supply chains.

Oil prices surge past $100

Energy markets have also been heavily affected by the war.

The price of Brent crude oil, the global benchmark, surged to $119.50 per barrel on March 9 during intraday trading, the largest spike in more than a year, easing back down below $100 later that day.  However, since March 11, oil prices have fluctuated in and out of triple digits.

Markets are “finally awakening to the gravity of the threat that the Iran war poses to the global economy,” FP’s Keith Johnson reported.

As of Friday, oil is continuing to trade at more than $100 a barrel.

Meanwhile, gas prices in the US increased to over $3.50 a gallon on average, more than $0.50 higher than the same period last year

The increase reflects growing fears that the war could severely disrupt global oil supplies, particularly as tensions escalate around the Strait of Hormuz, one of the most important shipping routes in the world.