The “fog of war” refers to confusion and uncertainty on the battlefield and the attendant possibility of fatal error. This principle has a parallel when it comes to the economic consequences of wars as well, especially when they occur in a region that is a chokepoint for the production and shipment of one-fifth of the world’s oil and a third of its natural gas.
Although no one really knows how deeply the ripple effects of the joint U.S.-Israeli strikes on Iran will impair the global economy, the Gulf kingdom of Qatar issued a dire warning on March 6, 2026, that reflects those concerns: “This will bring down the economies of the world,” Qatar’s energy minister said.
As for the U.S. economy, it was already showing signs of weakness. Data released on March 6 showed an unexpected loss in jobs in February.
