Oil prices in Singapore reached $210 per barrel, driven by heightened geopolitical tensions stemming from the US-Israel-Iran conflict. This surge significantly increases the risk of a global economic downturn, impacting energy markets and potentially triggering broader financial instability. The expiration of the $140M Iran oil export waiver further exacerbates the situation, limiting supply and contributing to price volatility. This highlights the vulnerability of global economies to geopolitical events.