Global trade surged 12.5% to $13.7 trillion in H1 2026, with services up 10.5%, UNCTAD reported. This growth largely reflects higher prices due to shipping disruptions in the Strait of Hormuz and fuel supply chain concerns, rather than increased trade volumes.
Shipping executives face a permanently disrupted world amid global tensions. Russia's brief return to the Venice Biennale sparks debate on its cultural place in Europe. Meanwhile, NATO's Baltic region is rattled by drones, blamed on Russia, prompting shelter orders in Lithuanian schools.
JetBlue has raised its Q2 fuel cost projections due to shipping disruptions in the Strait of Hormuz, causing jet fuel prices to surge. The airline expects expenses to range from $4.26 to $4.36 per gallon, up from previous estimates.
UAE petrol prices have risen for the fourth consecutive month in June 2026, with Super 98 up 60% since February. The increases reflect global energy market volatility driven by Middle East conflict and shipping disruptions, despite a drop in diesel prices.
India is experiencing significant increases in fuel prices and shortages of cooking gas, with citizens like Ranjan and Sushmita Sankar reporting tripled costs for LPG and reduced car mileage due to ethanol-blended petrol. The government is exploring higher ethanol blending in vehicles and has banned sugar exports to ensure local supply and raw material for ethanol production.
Asian markets retreated from record highs on Thursday as rising oil prices and US-Iran peace talk uncertainties dampened investor sentiment. Japan's Nikkei 225 briefly touched 60,013.98 before falling 1.5%, while other regional indices including Hong Kong's Hang Seng and China's Shanghai Composite also declined. Brent crude climbed about 1.5% to $103.39 per barrel amid concerns over supply disruptions from the Iran conflict and shipping disruptions in the Strait of Hormuz.
Christmas tree manufacturers in Yiwu, China—producing an estimated 87% of U.S. Christmas decorations—warn of 15% price increases this holiday season due to the Iran conflict disrupting shipping in the Strait of Hormuz and driving up oil-derived material costs. Artificial tree maker Lou Liping of Kitty Christmas Factory says her costs per tree have risen 10%, with PET plastic up 5% and packaging plastic up 15%, while revenue is down roughly 12% as customers hold off on orders.
Rising fertilizer costs tied to global shipping disruptions are squeezing U.S. farmers, forcing cutbacks that could reduce crop yields and supply.
