Crisis around Iran impacts global economy and prices — Erdogan

US-Israeli strikes on IranCrisis around Iran impacts global economy and prices — Erdogan The Turkish President said that oil prices had hit historic highsANKARA, September 7. /TASS/. The conflict involving the US, Israel, and Iran has a global reach that is felt worldwide, including in Turkey, Turkish President Recep Tayyip Erdogan said following a cabinet meeting in Ankara. "Regarding inflation, the impact of the global crisis triggered by events in Iran is being felt worldwide, including in our country. As in many other nations – including the US – oil prices have hit historic highs. The unprecedented surge in diesel prices is particularly noticeable. It appears that oil costs will continue to climb until a solution is found for the situation in the Strait of Hormuz," Erdogan noted. On Sunday, Turkish Vice President Cevdet Yilmaz presented the country's economic development program for 2027-2029, which revises several key indicators. Notably, the government has postponed its target of achieving single-digit inflation until 2029. According to Yilmaz, Central Bank data indicates that the conflict involving the US, Israel, and Iran adds roughly 7 percentage points to inflation. Addressing the regional situation, Erdogan pointed out that "the bill for the war started by Israel is being paid not only by the people of Iran and the Persian Gulf states, but also by everyone involved in this conflict in one way or another." "It was precisely because of Israel's lies and sabotage that the Islamabad agreements, which could have brought relief to the entire region, were derailed. Until this radical ideology, which views the very possibility of peace as a threat, changes, the crisis in our region will not subside," Erdogan emphasized. 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