Hong Kong exporters and exhibitors face fallout from US-Israel strikes on Iran

Adverse impacts from the US-Israel strikes on Iran unfolded on Monday, disrupting supply chains, driving up oil prices and leaving many Middle East business leaders at a major trade fair in Hong Kong in an awkward position. As the strikes entered a third day, oil prices surged 13 per cent – the biggest rise in four years – briefly climbing above US$80 a barrel.

Freight costs also jumped due to risks of potential damage to vessels passing through the Strait of Hormuz, a narrow passage along...