Mattered most to humanity
The Iran war's shock spreads, from Hormuz shipping to Canadian interest rates
The war involving Iran kept unsettling the world economy this week. In the Strait of Hormuz, Iran's Persian Gulf Strait Authority said ships belonging to South Korean company Sinokor would face legal action from 1 November, and Oman rescued 25 crew from a burning Panamanian-flagged oil tanker that Iran's military said had tried to use an unauthorised route. Higher fuel costs linked to the war were felt far from the Gulf: the Bank of Canada raised interest rates for the first time since July 2023, citing inflation driven partly by oil and petrol prices, and a residential cruise ship in Cambodia suspended operations, leaving 203 passengers to disembark with seven hours' notice. Military chiefs from Pakistan, Saudi Arabia and Turkey met Iran's president in Tehran to discuss de-escalation.
Why it won: It ranked highest on human stakes (higher costs for millions of people) and on the consequence jury, which averaged 3.7 out of 5, and Wikipedia covers it in the most languages. It comes first in 91% of 10,000 random weightings.
Comes first in 91% of 10,000 random weightings.
Human stakes estimate: 10,000,000 people (low confidence). Effects of the Iran war this week: a tanker fire in the Strait of Hormuz (25 crew rescued), legal threats against shipping, a cruise ship stranded by fuel costs (203 passengers) and a Bank of Canada rate rise blamed on oil prices; estimate of people facing higher costs.
Coverage
- Reuters Reuters
- Al Jazeera Al Jazeera