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

On April 9, 2026, the world faced a severe energy shock following the U.S. and Israel's attack on Iran, exacerbating global debt levels to $348 trillion. Governments are implementing temporary measures, like Australia's fuel excise cuts costing $2.55 billion, while Europe's debt-to-GDP ratio nears 90 percent, limiting fiscal flexibility during this crisis.

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Summary by Glance · Original reporting by Brisbane Times