The ongoing US-Iran war, now in its fourth week, has triggered the largest global energy supply disruption in decades through attacks on infrastructure and threats to shipping in the Strait of Hormuz, inflicting severe economic pain on energy-import dependent nations and directly hitting Gulf producers whose output has plummeted. Oil prices have surged past $100 per barrel, with some forecasts warning of $120-$150 if disruptions persist, driving inflation, slowing growth and forcing emergency measures from fuel rationing to shortened workweeks in vulnerable economies.
Economists and international organizations estimate the conflict could shave 0.3 to 1 percent or more off global GDP growth in 2026 depending on duration, with the heaviest burdens falling on countries reliant on Middle Eastern oil and LNG. Gulf states face direct production losses and infrastructure damage, while Asian importers confront soaring import bills and supply shortages. Europe contends with renewed energy shocks reminiscent of past crises, threatening industrial output and stagflation risks. Here are 10 countries experiencing the biggest losses based on GDP impact projections, inflation spikes, production halts and policy responses as of late March 2026.
