The war against Iran upended the global economy and sent prices soaring. What happens now that a fragile peace has arrived?Higher prices “will likely outlast the Iran war,” said The Associated Press. Fuel and food costs will come down slowly, airline tickets will stay pricey and shipping costs will remain elevated as supply chain kinks are repaired after the Strait of Hormuz is reopened. There is a “good deal of uncertainty about how the reopening will unfold,” David Ortega, a professor of food economics and policy at Michigan State University, said to the AP.
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