April 29, 2026 World Major News Special: A Day When Rising Oil Prices, Currency Anxiety, and Slowing Growth Advanced Simultaneously, Making the “Prolonged Crisis” Clear

The world on April 29, 2026 was a day when the prolonged Middle East war and supply uncertainty around the Strait of Hormuz weighed heavily on energy prices, currencies, growth outlooks, corporate earnings, and military spending all at once. According to Reuters, the Asian Development Bank (ADB) cut its 2026 growth forecast for the Asia-Pacific region from 5.1% to 4.7%, while raising its inflation forecast from 3.6% to 5.2%. In the United States, a senior Pentagon official revealed that the cost of the war with Iran had already reached $25 billion, while inside Iran the rial plunged to 1.81 million rials per dollar.
Reuters: Asian Development Bank cuts regional growth forecasts on impact of war in Middle East
Reuters: US war in Iran has cost $25 billion so far, says Pentagon official
Reuters: Iran’s rial drops to record low as ceasefire prompts rush for hard currency

The important point of the day was not only the movement of oil prices or exchange rates. It was that high energy prices are pushing down growth rates, eroding household purchasing power, narrowing the room for central banks to maneuver, and swelling the fiscal cost of the war itself. Below, we organize the major news items from April 29 into several article-style sections, summarizing both their economic and social impacts in detail.
Reuters: Oil soars, US stocks end muted on Iran worries
Reuters: TotalEnergies raises dividend, buybacks and hackles over war-related profits
Reuters: Iran war to supercharge Asia’s move from fossil fuels to electrons

Article 1: ADB Downgrades Asia Growth Outlook — Slowing Pressure Spreads to the “Engine of Global Growth”

Key Points

• The ADB lowered its 2026 growth forecast for Asia-Pacific to 4.7%.
• Its 2027 forecast was also revised down from 5.1% to 4.8%.
• Meanwhile, the inflation forecast was raised to 5.2%, with a warning that it could reach 7.4% in a worst-case scenario.

One of the heaviest pieces of international economic news on April 29 was that the ADB revised both Asia’s growth and inflation outlooks in a worse direction at the same time. According to Reuters, the ADB cut its 2026 growth forecast from 5.1% to 4.7%, citing the Middle East war’s impact on energy prices and its destabilizing effects on both trade and financial markets. Asia has long been seen as the growth engine of the world economy, so a slowdown in this central region carries major significance.
Reuters: Asian Development Bank cuts regional growth forecasts on impact of war in Middle East

Even more important is that growth is not merely slowing; inflation is also expected to strengthen. The ADB forecast 2026 inflation at 5.2%, warning that it could climb to 7.4% if the crisis deepens. This creates an extremely difficult situation for central banks. Even if they want to cut rates to support growth, they cannot easily do so when prices remain high.
Reuters: Asian Development Bank cuts regional growth forecasts on impact of war in Middle East

Socially, households suffer more when slower growth and higher prices arrive together. Fuel, food, electricity, and transportation costs rise, while wage and employment growth tend to weaken. April 29 was a day that showed Asia is both one of the world’s greatest sources of growth and one of the regions most vulnerable to this crisis.
Reuters: Asian Development Bank cuts regional growth forecasts on impact of war in Middle East

Article 2: Iran’s Rial Hits a Record Low — Even After a Ceasefire, Economic Pressure Continues Rather Than “Peace”

Key Points

• Iran’s rial fell to 1.81 million rials per dollar.
• It reportedly dropped by about 15% in just two days.
• The background includes reduced foreign-currency earnings due to the maritime blockade and inflation reaching 65.8%.

The heaviest currency news on April 29 was that Iran’s rial hit a historic low. According to Reuters, after the ceasefire, people rushed into hard currency, pushing the rial down to 1.81 million per dollar. A lull in fighting does not necessarily mean currency stability. In this case, the move reflected strong anxiety that the economic situation would become even harsher from here.
Reuters: Iran’s rial drops to record low as ceasefire prompts rush for hard currency

Behind this is the shift of U.S. military pressure into economic pressure. Reuters reports that Iran’s maritime blockade has narrowed foreign-currency inflows, while infrastructure damage has also halted exports of steel and petrochemicals. Currency depreciation pushes up the price of imported goods and is likely to worsen inflation that has already reached 65.8%.
Reuters: Iran’s rial drops to record low as ceasefire prompts rush for hard currency

Socially, this kind of currency crisis directly hits daily life. Food, medicine, fuel, and rent rise rapidly, and even the middle class is forced into defensive living. Reuters notes that the previous year’s currency turmoil helped spread protests, and social unrest could rise again this time. April 29 made clear that even with a ceasefire, inside Iran the crisis has shifted from “combat” to “currency and daily life.”
Reuters: Iran’s rial drops to record low as ceasefire prompts rush for hard currency

Article 3: U.S. War Costs Reach $25 Billion — The Cost of War Begins to Directly Affect Domestic Politics and Elections

Key Points

• The cost of the U.S. war against Iran has reportedly reached $25 billion so far.
• This was the first official estimate from a senior Pentagon official.
• Together with rising oil and gas prices, it is becoming a factor that intensifies domestic frustration over affordability.

A major U.S. domestic news item on April 29 was that the price tag of the war itself was shown relatively clearly for the first time. According to Reuters, a senior Pentagon official revealed that the cost of the war against Iran had reached $25 billion. This is not just a budget figure; it also carries heavy significance for U.S. politics with elections six months away.
Reuters: US war in Iran has cost $25 billion so far, says Pentagon official

The cost is especially problematic because oil prices and inflation are rising at the same time. Higher military spending reduces fiscal room, while higher energy prices increase household burdens. Reuters reports that Democrats are intensifying their attacks by linking the issue to the connection between living costs and war.
Reuters: US war in Iran has cost $25 billion so far, says Pentagon official

Socially, voters are likely to view diplomacy and security not as abstract national interests, but in connection with gasoline prices and household burdens. April 29 was a day when the war became strongly recognized not as a distant Middle Eastern issue, but as a matter of American daily life and domestic politics.
Reuters: US war in Iran has cost $25 billion so far, says Pentagon official

Article 4: Oil Rises but Stocks Stay in “Wait-and-See” Mode, While the Fed Holds Steady — Markets Waver Between Optimism and Anxiety

Key Points

• According to Reuters, oil rose sharply, while U.S. stocks moved only slightly.
• Behind this were supply concerns around Iran and the Fed’s decision to hold rates steady.
• Investors are watching corporate earnings while beginning to price in prolonged geopolitical risk.

What stood out in markets on April 29 was that oil rose sharply, yet U.S. stocks did not fall broadly, nor were they actively bought. According to Reuters, Wall Street’s major indexes ended with only small moves. Oil prices are clearly a risk, but strong corporate earnings and the Fed’s hold helped leave investors without a clear direction.
Reuters: Oil soars, US stocks end muted on Iran worries

This kind of market tends to occur when investors begin to feel that a crisis will not end quickly. Conditions are not bad enough to trigger full pessimism, but there is also not enough reason to confidently take risk. In particular, when both energy prices and interest-rate expectations are unstable, estimating corporate value becomes difficult.
Reuters: Oil soars, US stocks end muted on Iran worries

Socially, markets not collapsing does not mean people can feel secure. If oil prices stay high for a long time, they will inevitably affect household living costs and companies’ operating costs. April 29 showed that markets have entered an unstable balance of “not the worst, but not safe either.”
Reuters: Oil soars, US stocks end muted on Iran worries

Article 5: TotalEnergies Expands Profits and Shareholder Returns — Backlash Grows Against Companies Benefiting from the Crisis

Key Points

• TotalEnergies’ adjusted net income rose 29% to $5.4 billion.
• The company raised its dividend by 5.9% and doubled its share buybacks.
• At the same time, political backlash is intensifying against war-related “windfall profits.”

A symbolic development on April 29 was that while many people are suffering from the crisis, a major energy company is earning large profits. According to Reuters, TotalEnergies increased first-quarter profit by 29%, raised its dividend, and expanded share buybacks. Higher oil prices and trading profits lifted its performance.
Reuters: TotalEnergies raises dividend, buybacks and hackles over war-related profits

This news is drawing strong backlash because the source of the profits appears tied to crisis-driven price surges. Reuters reports that debate has reignited in France over a windfall tax. Companies can argue that their profits are the result of the free market, but when households are struggling with fuel costs, political pressure tends to grow.
Reuters: TotalEnergies raises dividend, buybacks and hackles over war-related profits

Socially, the gap between corporate profits and public burdens intensifies the question of whether the costs and benefits of the crisis are being distributed fairly. April 29 showed that the energy crisis is spreading not only into prices and growth rates, but also into questions of fairness and political legitimacy.
Reuters: TotalEnergies raises dividend, buybacks and hackles over war-related profits

Article 6: Asia’s Shift “from Fossil Fuels to Electrons” Accelerates — The Crisis Pushes Energy Transition Forward

Key Points

• Reuters reported that the war could accelerate Asia’s electrification and move away from fossil fuels.
• The reason is that dependence on imported fossil fuels has once again been exposed as vulnerable to geopolitical risk.
• However, the transition requires time and funding, so high costs are likely to continue in the short term.

A key energy-policy point on April 29 was the analysis that the crisis may accelerate Asia’s energy transition. According to Reuters, the war has made clearer than ever that the more countries depend on Middle Eastern oil and gas, the more their prices and supplies are shaken by geopolitics. As a result, countries are increasingly likely to shift policy toward electrification and renewable energy instead of oil and gas.
Reuters: Iran war to supercharge Asia’s move from fossil fuels to electrons

This perspective matters because the crisis is not only a negative event; in the long term, it can also become pressure for policy change. However, the transition cannot happen immediately. Renewable energy investment, power grids, storage, and EV infrastructure require both time and money, so many countries will have to continue relying on expensive oil and gas in the short term.
Reuters: Iran war to supercharge Asia’s move from fossil fuels to electrons

Socially, if this transition succeeds, it could soften future fuel-price shocks, but the transition period will also bring new burdens. April 29 showed that this crisis is deepening today’s high costs while also forcing a faster move toward the next energy system.
Reuters: Iran war to supercharge Asia’s move from fossil fuels to electrons

Summary

The major world news on April 29, 2026 showed that rising oil prices, slowing growth, currency depreciation, expanding war costs, increased profits for energy companies, and pressure for policy transition are all advancing simultaneously within one crisis. The ADB lowered Asia’s growth outlook, Iran’s currency plunged, U.S. war costs reached $25 billion, energy companies increased profits during the crisis, and Asia began to accelerate its move away from fossil fuels.
Reuters: Asian Development Bank cuts regional growth forecasts on impact of war in Middle East
Reuters: Iran’s rial drops to record low as ceasefire prompts rush for hard currency
Reuters: US war in Iran has cost $25 billion so far, says Pentagon official
Reuters: TotalEnergies raises dividend, buybacks and hackles over war-related profits
Reuters: Iran war to supercharge Asia’s move from fossil fuels to electrons

What makes this day especially important is the extremely wide range of people affected. Households struggling with fuel and food costs, companies enduring higher expenses, emerging economies facing currency weakness and capital outflows, and governments conscious of fiscal burdens and elections are all connected. April 29 showed once again that while the world has not completely abandoned the possibility of peace, the real economy and daily life have already begun accepting the prolonged reality of high costs and instability.
Reuters: Oil soars, US stocks end muted on Iran worries