Oil price spikes cost over $100 billion due to Iran war

One month after the start of the Iran war, new analysis from 350.org shows that over $100 billion has been siphoned from ordinary people to oil and gas companies due to soaring energy prices.In addition to the horrific loss of human life, campaigners say the crisis highlights how dependence on fossil fuels enriches the few at the expense of the many. The analysis estimates that rising oil and gas prices have already cost consumers and businesses an additional $104.2–$111.6 billion. Impacts have been sharp and immediate, from textile factory layoffs in Bangladesh, to fuel rationing in Kenya, to a looming recession in the United States.The 350.org analysis calculates losses from price spikes using weighted oil and gas price averages over the first month of the war, combined with global consumption levels and adjustments for uncertainty, such as reduced demand and rationing in response to rising prices.It does not yet include wider knock-on effects, such as rising fertiliser and food cost