The global economy faces renewed instability after fresh airstrikes by the United States and Israel in Iran triggered retaliatory attacks across the Middle East. The situation has disrupted earlier optimism that followed a brief pause in regional conflict, raising fears of prolonged tensions that could affect oil and gas production. Analysts warn that the conflict may not end quickly, and any disruption in energy supply could push inflation higher and slow global growth.

Experts note that Iran remains determined to retaliate despite attacks on its territory, and potential strikes on major producers such as Qatar and Saudi Arabia could severely impact global markets. Former IMF chief economist Kenneth Rogoff cautioned that the world is entering a highly uncertain period, drawing parallels to historical conflicts that escalated unexpectedly. About 30 percent of global oil and 17 percent of natural gas come from the Middle East, with a fifth of oil shipments passing through the Strait of Hormuz.

Energy price volatility has already surfaced, with oil prices jumping over 10 percent in a single day. Economists warn that extended disruptions could raise production costs, threaten food security in vulnerable regions, and push Europe and East Asia—heavily dependent on imported energy—into deeper economic strain.