The war in Iran shows few signs of winding down—and with de-escalation looking unlikely in the near term, the conflict risks becoming a protracted one that destabilizes the broader Middle East and weighs on the global economy.
As the conflict in Iran closes out its first week, neighboring powers are starting to take stock of what damage the war has already dealt and where it might go from here. The Middle East has partly built its modern reputation on its role as the global oil and gas trade’s supplier-in-chief. But with tankers unable to navigate dangerous waters and missiles constantly streaking across the sky—some targeting crucial energy infrastructure—the effect on the fuel trade is already pronounced. Leaders warn that the longer the war lasts, the worse it will be for the global economy.
