economy
March 12, 2026
The Guardian view on the cost of Trump’s war on Iran: the world’s poor will pay most dearly
The economic fallout of the US-Israeli assault and Tehran’s retaliation is spreading fast, and pushing the most vulnerable towards disaster
TL;DR
- The US-Israeli attack on Iran and Tehran's retaliation have significantly impacted the global economy, causing an energy supply shock and rising prices.
- The Strait of Hormuz, a critical energy chokepoint, remains threatened with closure, further impacting global energy systems.
- Asia, heavily reliant on Middle Eastern oil and gas, is experiencing severe fuel shortages, leading to disruptions like university closures in Bangladesh.
- The conflict is worsening humanitarian crises, displacing millions, damaging infrastructure, and hindering aid delivery due to logistical challenges and increased costs.
- The most vulnerable populations are disproportionately affected, facing increased hunger and the risk of famine, while global aid efforts are strained by higher transport costs and reduced funding.
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