Liquefied natural gas production facilities at Ras Laffan Industrial City (Qatar), March 2, 2026. REUTERS
What if the conflict in Iran drags on? As the US and Israeli military offensive entered its sixth day on Thursday, March 5, that nagging question has started to haunt economic stakeholders. Iran's counter-offensive, which has targeted Gulf countries, managed to seriously disrupt the Strait of Hormuz, a crucial global chokepoint for oil and gas.
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With the Strait of Hormuz blocked, regional trade disruptions could ripple across the globe
It is still far too early to talk about an economic crisis, but the gears of an energy shock are already turning, bringing with them the risk of so-called "stagflationary" effects – a combination of inflation and economic stagnation. On Thursday, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, struck a pessimistic tone, stating that the global economy's resilience is "tested yet again."
