External Affairs Minister Dr. S. Jaishankar on Saturday said that the ongoing conflict in the Middle East is having a significant impact on various aspects of the global economy. He explained that the conflict is “costing us”, pointing to the rise in insurance rates and the uncertainty in the stock market as examples of how the situation “can be opportunistically used.”
“Shipping rates have gone up, insurance rates have gone up, exports, foreign trade is being affected.
Oil prices have gone up. Yesterday, day before yesterday, the markets tanked after the Iranian missile attack. So, you know, conflicts can be opportunistically used,” Jaishankar said.
S Jaishankar expressed deep concern about the escalating conflict in the Middle East, saying that it is not an opportunity but a cause for great worry. He pointed out that the conflict is expanding, starting from a terrorist attack and the response, then spreading to Gaza, Lebanon, and the exchange between Israel and Iran, with the Houthis firing on the Red Sea.
“Whether it is the conflict in Ukraine or the conflict in the Middle East, West Asia, these are big factors of instability, big factors of concern. I think the entire world, including us, we are worried about it and we are trying,” he said.
The EAM expressed the concern and worry felt by the entire world, including India, regarding the conflicts in Ukraine and the Middle East, and the efforts being made to address these issues.
The situation in the Middle East has escalated over the past month. Israel killed Hezbollah’s chief, Hassan Nasrallah, along with other senior leaders, leading to significant tensions. In response, Iran launched a missile attack on Israel. Iran’s Supreme Leader, Ali Khamenei, stated that “the resistance force will not back down” and declared that the end of Israel is inevitable.