No end to war in sight after one month as Iran squeezes global economy
The world is now facing price rises and perhaps even shortages for energy and food that are already baked in — and that’s if the conflict ended tomorrow.All sides say they are winning. But one month into this war perhaps only one outcome is certain: Immense damage to the global economy.
After four weeks, President Donald Trump is talking up negotiations to end this conflict that he started alongside Israel. That’s even as thousands more American troops head to the Middle East with a possible ground operation looming.
The U.S. and Israel say the war has been an unmitigated success. Indeed it has unleashed unprecedented damage on Iran: killing Supreme Leader Ayatollah Ali Khamenei and echelons of his top officials while gutting its navy and missile defenses, but also killing almost 2,000 people, many of them civilians, according to Iranian officials.
But Iran’s response — which many regional officials and expert observers warned about beforehand — has successfully transposed these aftershocks so they are already being felt around the world. Tehran has used missiles and cheap drones to effectively blockade the Strait of Hormuz, a vital trade route through which 20% of the world’s oil passed daily before the war, while attacking Gulf oil and gas facilities.
The world is now facing price rises and perhaps even shortages for energy and food that are already baked in — and that’s if the conflict ended tomorrow.
“The Iran crisis is an epoch-defining event, similar in scale to the fall of the Berlin Wall or 9/11,” believes Peter Frankopan, a professor of global history at the University of Oxford. “The cascades coming towards us all are epic in scale, even if peace is agreed today,” he told NBC News in an interview.
No end to war in sight after one month as Iran squeezes global economy
The world is now facing price rises and perhaps even shortages for energy and food that are already baked in — and that’s if the conflict ended tomorrow.

