Oil prices have been on the rise since 2001, and have recently reached levels achieved during the global economic crisis. Daniel Tarling-Hunter, economist at Euromonitor International, states that while market speculation is certainly a reason behind high oil prices, global demand for oil and crises in the Middle East are more to blame. Emerging markets are also using more oil than ever before, and as a result, the world is potentially moving towards a period of oil scarcity. 

How will the US-Israel-Iran war shape business dynamics beyond the initial shocks? Visit our insights hub at euromonitor.com for free data-driven tools and resources to help you assess risks and plan for longer-term impact.