The Bank of England and European Central Bank held interest rates steady on Thursday, as officials search for signs of possible longer-term damage and warn of the impact of a prolonged energy shock.

Despite the fragile cease-fire in the Middle East, many Africans say they are bracing for tougher times ahead and making difficult decisions about the future.

In just eight weeks, much of the global economy has been knocked sideways. America has mostly been spared from the tumult.

The war has exacerbated Iran’s economic crisis, forcing many to cross the border into Turkey to buy the most basic goods.

The reprieve would ease disruptions in Malaysia’s energy supply, but the prime minister has vowed to make preparations for a more volatile future.

European politicians risk angering their voters if they join America’s war. Yet they could also face domestic upheaval if they take no action to reopen shipping routes that Iran has blocked and ease an energy crisis.

From India to Southeast Asia to South Korea, currencies are crumbling as governments race to secure fuel that is priced in American money.

Their troubles could cascade across Asia because they export a majority of their products.

The president has domestic and international political motivations for touting negotiations to end the war. Iran has similar ones to deny discussions.

The new war has led to panic buying and a surge in food prices for Gazans as they try to recover from Israel’s two-year offensive against Hamas.

A new phase targeting oil and gas infrastructure in the Persian Gulf threatens to hurt businesses and customers around the world for months or even years.

Oil prices had been gyrating this week, after a new round of attacks on major energy facilities in Iran and Qatar raised concerns about energy supplies.

Across Southeast Asia, a region heavily dependent on energy exports brought via the Strait of Hormuz, lives are being upended by higher oil and gas prices.

Pedro Sánchez, Spain’s prime minister, said the nation’s renewable energy system has softened the financial fallout from the war in Iran. The story is more complex.

Inflation and its consequences for growth are a growing concern for countries where memories of the 2022 energy crisis are fresh.

Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.

The fee had been increased to $2,350 in 2015, prompting criticism and legal challenges from advocacy groups and Americans living abroad.

Kremlin officials said the American move, which Europe opposes, showed that Moscow could not be dislodged from the center of global energy markets.

After surging about 10 percent on Thursday, oil prices had little reaction to the decision by President Trump to waive sanctions on the sale of some Russian crude.

Now 11 days into an expanding military campaign, President Trump and his officials have given conflicting indications on when the United States intends to end the war.

Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.

The Gulf conflict has led to higher fuel prices, and the cost of operating a plane has sharply increased. For travelers, that likely means higher fares.

The Persian Gulf is a major source of fertilizers, making the conflict disruptive to the global production of food.

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