Iran-Israel War: An economic storm for America and the world

As the war launched by Israel against Iran sets the Middle East ablaze, the global economy teeters on the brink of an unprecedented crisis. Israel’s strikes on Iran’s key infrastructure, and Tehran’s retaliatory responses, have shaken energy markets and sounded alarm bells for the economies of the US, Israel, and the wider world. The Strait of Hormuz—through which 20% of the world’s oil and a quarter of its liquefied natural gas flows—is under threat of closure, and even the mere possibility of such a scenario has driven energy prices to catastrophic levels. For the United States—already burdened with $37 trillion in debt, chronic inflation, and widespread fatigue from foreign entanglements—full-scale involvement in this conflict could spell economic and geopolitical suicide. […]