As tensions between the US and Iran continue to escalate, last week saw a series of developments that have significant implications for the global economy. Here are some of the key events that took place:

US Destroys Nine Iranian Naval Ships: In a statement released by the White House, President Trump announced that the US had destroyed nine Iranian naval ships in response to the attack on a US military base in Iraq. This move has raised concerns about the potential for a wider conflict in the region.

Iranian Supreme Leader Ayatollah Khamenei Dies: In a statement released by the Iranian government, it was announced that Ayatollah Khamenei had passed away at the age of 82. This development has significant implications for the political landscape of Iran and the wider Middle East region.

Oil Market’s ‘Worst Fears’ Are Here: As tensions between the US and Iran continue to escalate, oil markets have been hit hard. The price of Brent crude surged by over 10% last week, with some analysts warning that the worst is yet to come.

OPEC+ To Resume Oil Output Increase: Despite the ongoing conflict in the Middle East, OPEC+ has announced its intention to resume oil output increases. This move has been met with skepticism by some analysts, who warn that the situation in the region remains fluid and unpredictable.

Gulf Businesses Reel As Iran Strikes Trigger Regional Shutdowns: In response to the ongoing conflict in the Middle East, many businesses in the Gulf region have been forced to shut down operations. This has had a significant impact on trade and commerce in the region.

Shipping Companies Divert Vessels Around Cape Of Good Hope: As tensions between the US and Iran continue to escalate, shipping companies have been forced to divert vessels around the Cape of Good Hope to avoid the conflict zone. This has led to significant delays and increased costs for shippers.

Yen, Swiss Franc Gain As Weekend Iran Strikes Unnerve Markets: In response to the ongoing conflict in the Middle East, investors have been flocking to safe-haven assets such as the yen and Swiss franc. This has led to significant gains for these currencies.

Dollar Surges As Traders Brace For War Impact: As tensions between the US and Iran continue to escalate, the dollar has surged in value. This is due to the perceived safe-haven status of the dollar in times of conflict.

ECB’s Nagel Says Doubts On Dollar’s Haven Status Have Risen: In a recent interview, ECB executive board member Sabine Nagel expressed concerns about the potential for the dollar to lose its safe-haven status in the event of a wider conflict in the Middle East.

Merz Voices Concerns About Iran Attacks Before Washington Visit: In a recent speech, German politician Norbert Merz voiced concerns about the ongoing conflict in the Middle East and its potential impact on global stability. This comes ahead of a visit to Washington DC later this week.

Trump Hasn’t Justified Urgent Iran Threat, Democrat Warner Says: In response to President Trump’s recent threats against Iran, Democratic senator Mark Warner has expressed concerns that the administration has not provided sufficient justification for its actions.

Israel Ups Defense Budget By $2.9B as Iran War Rages: In response to the ongoing conflict in the Middle East, Israel has announced plans to increase its defense budget by $2.9 billion. This move is seen as a sign of the country’s commitment to defending itself against potential threats from Iran and its proxies.

Iran Is Shooting At Some Of The World’s Busiest Airports: In response to the ongoing conflict in the Middle East, Iran has been firing missiles at some of the world’s busiest airports. This has led to significant disruptions to global air travel and trade.

Dubai Gold Flows Curbed As Flights Halted Due To Strikes On Iran: In response to the ongoing conflict in the Middle East, gold flows into Dubai have been curtailed due to flight halts and other travel restrictions. This has had a significant impact on global trade and commerce.

Amazon’s Cloud Unit Reports Fire After Objects Hit UAE Data Center: In response to the ongoing conflict in the Middle East, Amazon’s cloud unit has reported a fire at one of its data centers in the United Arab Emirates (UAE). This has led to concerns about the potential for further disruptions to global digital infrastructure.

Investors Brace For A Bigger Backlash From Middle East War: As tensions between the US and Iran continue to escalate, investors are bracing for a potentially larger backlash from the ongoing conflict in the Middle East. This could have significant implications for global markets and economies.

US Job Growth Seen Moderating After Robust January: Despite the ongoing conflict in the Middle East, US job growth remains strong. However, some analysts are warning that the situation could potentially slow down in the coming months due to the impact of the conflict on global trade and commerce.

Scope Affirms Switzerland’s AAA Rating With Stable Outlook: In a recent report, credit rating agency Scope affirmed Switzerland’s AAA rating with a stable outlook. This is despite the ongoing conflict in the Middle East, which has had a significant impact on global markets and economies.

Crypto Loses Its Grip On Retail Army Now Defecting To Equities: As tensions between the US and Iran continue to escalate, investors are increasingly turning away from cryptocurrencies and towards traditional assets such as equities. This has led to significant gains for equity markets in recent weeks.

South Korea’s Exports Grew 29% Year-On-Year In February: Despite the ongoing conflict in the Middle East, South Korea’s exports have grown by 29% year-on-year in February. This is a significant improvement over recent months and suggests that the country’s economy remains resilient in the face of global uncertainty.