Erdogan says Iran-centered crisis is fueling inflation worldwide

The war involving the United States, Israel and Iran, along with continuing clashes between Washington and Tehran around the Strait of Hormuz and the closure of the waterway, has contributed to inflationary pressures worldwide, Turkish President Recep Tayyip Erdogan said, Report informs.

"We, like the rest of the world, are feeling the inflationary effects of the Iran-centered crisis," Erdogan said, adding that global oil prices had risen to record levels.

He said the problem was unlikely to be resolved unless an agreement was reached over the Strait of Hormuz.

"As long as the knot in Hormuz is not untied, oil prices appear likely to create difficulties for everyone. Everyone, whether directly involved or not, is paying the price of the war that began with Israel's provocations," Erdogan said.

Despite these pressures, he said, Türkiye's economy had maintained its growth momentum.