The Iran war is exposing how much the global economy still depends on fragile fossil fuel supplies. The conflict has virtually choked off the Strait of Hormuz, a vital shipping lane for a fifth of the world’s oil and liquefied natural gas. That's shaking up markets and pushing prices higher. Countries reliant on imported fossil fuels — from wealthy industrial economies to poorer developing nations — are facing major disruptions that can quickly ripple through utility bills, food prices, transport costs and electrical grids. Analysts say the crisis is a stark reminder that energy security is not just about stockpiles and shipping, but also about the lagging transition to renewable energy.

Oil prices jumped to market-shaking levels but then eased back late in the day, helping Wall Street to pare its losses. The S&P 500 fell 0.3% Thursday after trimming an earlier drop of 1%. The Dow Jones Industrial Average lost 0.4%, and the Nasdaq composite fell 0.3%. Stocks fell much more in Europe and Asia after the price of Brent crude briefly topped $119 per barrel but before oil prices pared their gains late in the day. They're the latest manic swings for oil prices and stocks since the war in Iran raised worries about production troubles in the Middle East.

U.S. stocks slumped after a report said inflation was primed to worsen even before the war with Iran sent oil prices spiking. That and comments from the head of the Federal Reserve pushed Wall Street on Wednesday to see less chance of getting the lower interest rates that it loves. The S&P 500 fell 1.4% for its first loss this week. The Dow Jones Industrial Average dropped 1.6%, and the Nasdaq composite slid 1.5%. Treasury yields climbed in the bond market, which hurts prices for all kinds of investments. Gold fell back below $5,000 per ounce.

Oil prices resumed their rise because of the war with Iran, but U.S. stocks held steadier this time around. The S&P 500 rose 0.2% Tuesday and added to its gain from the day before, which was its biggest since the war began. The Dow Jones Industrial Average climbed 0.1%, and the Nasdaq composite gained 0.5%. It’s a break from the usual playbook since the start of the war, where stock prices have tended to go in the opposite direction of oil prices. Airline stocks climbed after Delta and others raised their forecasts for upcoming revenue. Treasury yields eased.

A drop in oil prices helped send the U.S. stock market to its best day since the war in Iran began. The S&P 500 climbed 1% Monday for its biggest gain in five weeks. The Dow Jones Industrial Average added 0.8%, and the Nasdaq composite jumped 1.2%. The price for a barrel of benchmark U.S. crude fell toward $93 after topping $102 in the morning. The fall in oil prices not only helped boost stocks of companies with big fuel bills but also helped Treasury yields ease in the bond market. The S&P 500 pulled back to just 4% below its record.

Poland once was in economic ruins when communism fell more than three decades ago. Now it's the 20th largest economy in the world. Poland edges out Switzerland with more than $1 trillion in annual output. The Trump administration is taking note by inviting Poland to attend the Group of 20 summit of leading economies this year. Poland prospered by turning decisively toward the European Union and dodging the corruption that plagued other countries that had been in the Soviet orbit. Poland's entrepreneurs aren't afraid to take risks and start new businesses. All that means many educated young people see their future at home instead of abroad.

Wall Street’s losses deepened as the ongoing fallout from the war in Iran keeps pushing oil prices higher, ratcheting up inflationary pressure on the global economy. After briefly easing early Friday, crude oil prices rose again, bringing the benchmark oil price back above $100 a barrel. The S&P 500 fell 0.6%. The Dow Jones Industrial Average lost 0.3% and the Nasdaq composite dropped 0.9%. A measure of inflation closely monitored by the Federal Reserve moved higher in January, even before the war with Iran sent energy prices higher.

The US economy advanced at a sluggish 0.7% pace in Q4 of 2025, the government says in a big downgrade of first estimate.