The escalating conflict in the Middle East poses a significant risk to the global economy, with oil disruptions exceeding the combined losses from the 1973 and 1979 oil crises. Tensions have spiked as Israel hit targets in Tehran and Iran threatened attacks on American and Israeli energy sites. World leaders and markets are concerned over soaring oil prices, which could fuel lasting inflation. The International Energy Agency has released four hundred million barrels from reserves, the largest release ever, to steady markets. Unlocking the Strait of Hormuz remains the top priority to ease this global squeeze.

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