The crisis has forced Iranian authorities to resort to drastic measures, including cutting off electricity to industrial sectors and plunging manufacturing activities into near stasis. Urban areas, from highways to shopping malls, have been plunged into darkness as authorities grapple with diminishing power supplies.
Global crude oil benchmarks closed Friday's session with minimal changes, yet recorded a 2.5% weekly decline, reflecting persistent market uncertainties. Investor sentiment was dampened by the Federal Reserve's cautious approach to interest rate reductions and the spectre of new tariffs from the incoming US administration.
The US dollar surged to a two-year high following signals from the Federal Reserve of a more measured approach to interest rate cuts in 2025. This appreciation makes dollar-denominated commodities like oil more expensive for holders of other currencies