What happens to the global economy when a war erupts at the world’s most important energy choke point? In this episode, we trace the economic shockwaves already rippling out from Iran: surging oil and gas prices, rising shipping and insurance costs, higher food and fertilizer bills, and the growing threat of a 1970s-style stagflation shock. This is the old nightmare back again, prices rising while growth slows. We explain why the Straits of Hormuz matters so much, why Europe is far more exposed than America, how energy shocks feed into mortgages, inflation and consumer confidence, and why even countries with no direct trade with Iran will still feel the pain. From Beirut to Dublin, from jet fuel to grocery bills, this is the economics of a war that could redraw the Middle East as well as the global economy too.

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