The world’s finances weren’t ready for an energy shock of this magnitude

The U.S. and Israel's attack on Iran sparked a global oil shock, leaving economies ill-prepared for the financial strain. Governments are responding with measures like fuel excise cuts and subsidies, potentially costing billions. With global debt now over $348 trillion, fiscal flexibility remains severely limited as authorities grapple with escalating deficits and debt levels.

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Summary by Glance · Original reporting by The Age