# Georges Elhedery, the Lebanon-born chief executive of the bank, said: ‘We’re saddened and concerned with what’s happening in the Middle East’ He pointed to the price of goods, oil and refined products, but also fertilisers and

*business · news · 2026-04-14 · The Guardian*

## Key points

- HSBC reports the Iran conflict is already reducing global economic confidence and impacting markets.
- HSBC has seen only minor capital outflows from the Middle East despite its significant regional exposure.
- Garment makers like Castore face 10-15% cost increases due to petroleum-derived fabric price volatility.
- Virgin Atlantic states jet fuel prices are now more than double prewar levels due to the conflict.
- Shipping disruptions persist as airlines reduce flights and ships remain stranded in the Strait of Hormuz.

**Companies:** HSBC, Imperial Brands, PageGroup, Castore
**Countries:** Iran, United States, Pakistan, United Kingdom, Saudi Arabia, Singapore, Hong Kong

[Read the full story on The Guardian](https://www.theguardian.com/business/2026/apr/14/hsbc-iran-war-confidence-businesses-oil-inflation)

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