Asian stock markets experienced a significant downturn as tensions between the United States and Iran threatened to escalate, with the conflict entering its fourth week.

• Japan's Nikkei 225 index fell nearly 3.6%, and South Korea's Kospi dropped by almost 6%.
• US President Donald Trump warned of targeting Iranian power plants if the Strait of Hormuz shipping route is not opened.
• The International Energy Agency chief, Fatih Birol, stated the situation could lead to the world's worst energy crisis in decades.

The COMESA Competition and Consumer Commission (CCCC) is warning businesses across its member states against exploiting the Middle East crisis for price gouging and engaging in anti-competitive practices.

• The commission is particularly concerned about potential hikes in fertilizer and food prices due to oil price shocks and rising logistics costs.
• The warning comes from CCCC Chief Executive Officer Willard Mwemba.
• The CCCC stated it will "unapologetically enforce competition and consumer laws" and urged the public to report suspected violations.

The National Farmers’ Union (NFU) in the UK has warned that rising fuel and fertilizer costs, driven by the Iran conflict and the blockade of the Strait of Hormuz, will likely lead to increased food prices.

• Cucumbers and tomatoes could see price hikes within six weeks, with other produce and milk following in three to six months.
• The NFU president, Tom Bradshaw, stated the conflict "will turn the world supply upside down, and it will have a dramatic impact."
• Senior government ministers are scheduled to hold an emergency meeting to discuss the conflict's effect on the cost of living.