The ongoing Middle East tensions are placing immense pressure on the global economy, with analysts estimating that the crisis could add nearly $1 trillion in extra costs. While the world faces rising economic burdens, major oil and gas companies are reporting soaring profits. The situation has intensified concerns that U.S.-Israel attacks on Iran are worsening global inequality, poverty, and hunger in a world still heavily dependent on fossil fuels.

According to climate group 350.org, based on International Monetary Fund data, even if the Strait of Hormuz returns to normal, high oil and gas prices could generate $600 billion in additional expenses. Continued supply disruptions could push losses beyond $1 trillion. Experts warn that this estimate likely understates the full impact, excluding long-term inflation, food and fertilizer price hikes, slower economic activity, and rising unemployment.

350.org has called for an emergency windfall tax on excess corporate profits to fund social protection and renewable energy investments. The demand was echoed at an international conference in Santa Marta, where over 50 countries discussed reducing fossil fuel dependence amid protests and warnings from developing nations about severe economic strain.