Today marks the third day of the Israel-Iran war. Currently, both sides are launching missile and aviation strikes against each other. So far, 555 people have died in Iran as a result of the attacks.
However, these developments have also manifested in the economic sphere.
In commodity markets, the price of gold futures per troy ounce (31.1 grams) has increased. According to exchange data, on New York's COMEX commodity exchange, the price of April 2026 gold futures per troy ounce increased by 2.34% to 5,370.65 US dollars.
On COMEX, the price of May 2026 silver futures per ounce also increased by 0.97% to 94.198 US dollars. The price of "Brent" crude oil has exceeded 80 dollars.
In a statement to Modern.az, economist expert Khalid Karimli said the following regarding the regional economic impacts of the US-Israel and Iran war:
“The economic impacts of the war are negative for the region. For Azerbaijan, the positive aspect of this is the increase in oil and gold prices. The main issue, however, is the rise in oil prices. This very trend will increase the volume of incoming currency. But it also has many negative aspects. We hope that this war will not create a refugee flow. It will seriously create problems in cargo transportation”.
The economist expert also discussed the problems that the issue could create for Azerbaijan from an economic perspective:
“Cargo arriving in Azerbaijan mainly came from Iran. A significant portion of cargo from China via the North-South Transport Corridor also reached us through Iran's Bandar Abbas port. Similarly, a part of cargo transportation from Turkey to Azerbaijan via Nakhchivan passed through Iran. Although Azerbaijan's trade with Iran is not large in volume, it is substantial. Especially food products, several daily-use products, and technical products were purchased from Iran. This war will create problems for shipments through Iran's Bandar Abbas port. Instead, Poti port will be burdened, and Georgia will benefit from this situation. Poti port also has cargo handling capacity. Naturally, war promises nothing good. Countries develop when they are surrounded by developed states. The Iran war could lead to an increase in the prices of some products and logistical costs. Let's hope the war will not be long-term, but will stop in 1-2 weeks. I see a risk of price increases, not product shortages. On the other hand, logistical problems will become more difficult”.
