The ongoing Iran-Israel war entered its seventh day on Thursday. The number of casualties is increasing every day.
The amount of damage is also increasing. It is causing a serious impact on world trade. Already the price of fuel oil has increased.
Transportation costs are also increasing. It is having an impact on other products, including food items.
The Middle Eastern airspace has also become risky for air travel. As a result, many airlines have to operate flights in detours. This has increased both time and costs. There are no signs of an end to the war.
There are constant counterattacks. Russia has expressed interest in mediating a ceasefire, but Israel has not agreed. On the other hand, many are skeptical of the role of the United States.
US President Donald Trump’s threat to “immediately evacuate Tehran” has terrified citizens there. Tehran is home to about one crore people.
Where will they go? Trump also said, “We control the skies of Iran, I know where Khamenei is, but I won’t kill him now.” Such statements will only add fuel to the fire and intensify the conflict.
Experts fear that the United States could soon be involved in this war. And if that happens, Russia and China could come forward to support Iran. That would only increase the risk of a world war. The Russia-Ukraine war is still ongoing.
The direct and indirect effects of the war and the blockade are also affecting global trade.
They believe that the wider Israel-Iran confrontation will have a major impact on global trade. About 20 percent of the world’s oil is transported through the Strait of Hormuz, which is at risk of being permanently blocked.
This war could have a very detrimental impact on the economy of Bangladesh. Bangladesh’s fuel oil and LNG imports could be disrupted. Import costs could increase significantly.
It could have an impact on various sectors, including industry, agriculture, and transportation.
The impact could be felt on the labor market in Iran and other Middle Eastern countries. Already 1,400 workers in Iran have reportedly lost their jobs. Remittances or expatriate income could decrease. In this situation, the recruitment of new workers may also be disrupted.
We want the Iran-Israel war to end without further delay. World leaders, including the United Nations and the organisation of Islamic Cooperation (OIC), must come forward with sincerity in this regard. We are waiting to see when the world’s conscience will awaken.
