Erdogan Sees global toll from Middle East conflict
Turkish President Recep Tayyip Erdoğan confirmed that the rise in oil prices resulting from the conflict in the Middle East is not limited to Iran but also affects other countries, especially amid increasing military tensions in the region. Oil prices reached their highest levels since July, with Brent crude contracts at $97.31 per barrel and U.S. crude at $92.65, due to declining transport activity through the Strait of Hormuz and escalating concerns about energy supplies. Domestically, Erdoğan emphasized that Turkey will continue to implement its economic policies to combat inflation and support growth, updating the medium-term economic program forecasts to include an increase in expected inflation from 16% to 28.4% by the end of 2026, while reducing the projected growth to 3.3%. He also addressed the escalation of tensions between Iran and the United States, noting that U.S. forces carried out attacks on Iranian oil tankers and targeted Iranian forces in the Strait of Hormuz, amid growing fears of greater disruptions in the global oil market.
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