The US-Iran peace agreement may have eased immediate fears in financial markets, but economists say the conflict has already left a significant mark on the global economy through higher energy prices, rising inflation, weaker growth and disruptions to commodity markets, Anadolu reports.

The agreement is expected to reopen the Strait of Hormuz, one of the world’s most important energy corridors, after months of disruption that rattled global markets and triggered the largest energy shock since the outbreak of the Ukraine war.

Reports by the World Bank, International Monetary Fund (IMF) and International Energy Agency (IEA) suggest the conflict’s consequences extend far beyond the Middle East, affecting everything from fuel and fertiliser prices to economic growth forecasts and food security.

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