The Iran war has had such a negative effect on the global economy that Brent oil, the international oil benchmark, hit its worst low since the COVID-19 pandemic, in which global economies closed altogether.
May saw a loss of 19%, the worst month for Brent oil since March 2020, CNBC reported.
With the Iran war seeing the Strait of Hormuz open and closed in varying degrees since the end of February, prices of oil and gasoline have been on a seesaw.
However, President Donald Trump said, yet again, a decision on ending the war will be made soon.
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The latest demands with Iran to end the war are similar to previous ones Iran did not agree to.
