Iran war

The Iran war, now in its eighth week as of April 2026, is significantly impacting the global economy. The conflict has caused a spike in gas prices, driving retail sales up in March but largely due to increased fuel costs. The U.S. has extended waivers on Russian oil sanctions to mitigate shortages caused by the war, despite initial denials. Global stock markets are experiencing volatility, with Asian markets reacting to ceasefire hopes and Wall Street closely monitoring the situation. China's economy has shown resilience, growing by 5% in the first quarter despite the war's impact. Nepal's tourism industry is reorienting towards Asian markets due to a decline in Western tourists. The conflict highlights the interconnectedness of global economies and the potential for regional conflicts to have far-reaching consequences.