From the Strait of Hormuz to crude oil and LNG markets: understand the global economic consequences of regional conflict.
Failure to agree on a new nuclear deal — after months of intensive but ultimately stalled negotiations in Muscat and Geneva — has now spiraled into a full‑blown military conflict between the United States/Israel and Iran, dragging other regional economies into turmoil too.
After coordinated US‑Israeli airstrikes aimed at degrading Iran’s leadership and nuclear infrastructure, Iran has launched hundreds of missile and drone attacks on energy facilities and strategic targets across Israel and the Gulf, including in Qatar, Saudi Arabia, Kuwait and the United Arab Emirates, where civilian sites in Dubai and Abu Dhabi were struck and oil infrastructure disrupted.
The Strait of Hormuz is closed for maritime traffic.
