Germany’s foreign trade association BGA has warned of the far-reaching consequences of the latest escalation between Israel and Iran for the global economy. “We can already see the effects of the conflict on the oil price, which is rising,” said foreign trade boss Dirk Jandura to the Funke Mediengruppe newspapers on June 14. He pointed out that a large proportion of oil supplies pass through the Strait of Hormuz, through which around a fifth of global oil production is transported.