In this episode, we unpack the escalating conflict involving Iran and what it means for the global order.

We examine the ripple effects on the world economy, with a particular focus on rising energy prices and growing instability in oil markets.

We discuss how Gulf countries have suffered significant collateral damage, especially to critical energy infrastructure—the backbone of their economies—disrupting oil supply in a region that plays a central role in meeting global energy demand.

The conversation also explores why this moment feels like the closest the world has come to a third world war in decades, as the conflict unfolds alongside the ongoing war in Ukraine, intensifying geopolitical tensions on multiple fronts.

We take a close look at the role of the United States, questioning whether the scale and intensity of Iran’s retaliation were fully anticipated.

Finally, we share our outlook on how the conflict is likely to end. Spoiler alert: despite the chaos, a negotiated settlement may ultimately be the most realistic outcome.