Iran conflict forces central banks to rethink policy

Industrial and Commercial Bank of China (ICBC) has retained its position as the world`s most valuable banking brand for the 10th consecutive year, with its brand value increased 15% from $79.1 billion in the previous year. Overall, the total brand value of the top 500 banking brands stood at $1.8 trillion, marking five consecutive years of growth.

At its narrowest navigable point, the Strait of Hormuz is just 21 nautical miles (38.9 km) wide, with shipping lanes only two miles across in each direction. Yet through that corridor passes roughly one-fifth of global petroleum liquid consumption.

Iranian attacks on Dubai and the closure of its airport have triggered a scramble among the wealthy to leave the emirates via alternative routes on private jets.

The United States and Israel attacked Iran on Saturday in a development that could lead to a closure of the Strait of Hormuz, a major oil export route, for days.

The US-Israeli strikes against Iran and reprisals by Tehran could severely disrupt the global supply of crude oil and send prices soaring to levels not seen in years.