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Iran War Risks Spiralling into Global Catastrophe

Source: economist.com

US-Israeli strikes killed Iran's Supreme Leader Ali Khamenei, sparking missile retaliation and oil supply chaos.
Gulf gas shutdowns via Force Majeure are spiking energy prices, threatening worldwide recession.
Azerbaijan masses troops on Iran's border, raising fears of a multi-front escalation.

The article examines how the fresh 2026 Iran war, kicked off by US-Israeli airstrikes on 28 February, could rapidly worsen through energy disruptions and regional spillovers. It spotlights vulnerabilities in global oil and gas supplies from the Gulf, plus emerging risks like Azerbaijan's border buildup. This matters because prolonged fighting could trigger stagflation, echoing 1970s-style shocks.