The economic fallout from the Iran war extends well beyond oil markets and is beginning to be felt in consumers' daily lives.

With transport and production costs rising, food prices are beginning to climb globally and airline tickets are already more expensive. Analysts are anticipating that much of the inflationary impact has not hit consumers yet.

For Gulf economies, the question is whether strong non-oil sectors can stand the pressure. Globally, the stakes are higher still, with leading financial voices warning that a prolonged conflict could tip the world into recession.

In this episode of Business Extra, host Salim A Essaid is joined by Amro Zakaria, global financial markets strategist and founding partner of Kyoto Network and Madarik Ventures, to examine the industries under strain and the inflationary risks building beneath the surface.