Wall Street soars 22% as Iran war hits six-month mark but consumers bear the cost at the pump

Six months after the US and Israel launched strikes on Iran, predictions of a global recession have proved wide of the mark — though the economic burden has not been shared equally. Stock markets have rebounded sharply from their late-March lows, with the Nasdaq gaining 27% and the S&P 500 rising nearly 22%. Everyday consumers, meanwhile, are shouldering higher costs for fuel, food and travel as shipping through the Strait of Hormuz remains depressed. Investment strategist Michael Ashley Schulman called it "the financial equivalent of a 'Mission Accomplished' scene."

Israeli Energy Minister Eli Cohen warned that Iran faces further strikes if it moves to reconstitute its nuclear or ballistic missile capabilities — even under a new US deal.

The IMF says two forces are pulling the global economy in opposite directions: war dragging on growth, artificial intelligence enthusiasm offsetting the damage.

Egypt's Banque Misr and the UAE central bank have launched urgent reviews after receiving US Iran sanctions notices, signalling financial pressure is spreading across the region.