The world is now facing a financial
crisis. The greatest threat of all is the increase in oil prices which has been
brought about because of the fear that war will break out in Iran.
Economic recessions that occurred a
few times before in the world has been caused by a political instability
occurring in the Middle East, which resulted in increasing oil prices. Iran is
still a threat, as they’ve been trying to create nuclear weapons. If the World
take arms against them, the oil price will definitely escalate to a whole new
level and will lead to an economic depression.
In times of war, commodity prices will generally rise very high. Same for oil, because of the large demand for military uses, prices of oil may increase drastically, it will negatively impact the world's economy, but to cause a depression, we really need to see how different countries react against this oil shock.
ReplyDeleteKaiWeiChee
...occurred a few times before in the world has been(Tense) caused by a(red) political instability occurring in the Middle East, which resulted in increasing oil prices. Iran is still a threat, as they’ve been trying to create nuclear weapons. If the World take(Verb form) arms against them, the oil price will definitely escalate to a whole new level and (^)will lead to an economic depression.
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