Why Iran could become the next Iraq
The first Gulf war left a weakened regime in place without a political settlement — paving the way for future conflict
The first Gulf war left a weakened regime in place without a political settlement — paving the way for future conflict

Tehran has a strong incentive to keep the conflict going

The third Gulf war augurs a more anarchic world — and more dependence on a less credible US

Iraq has been a battleground for Tehran and Washington’s interests since 2003. A murky conflict has broken out there again

The war is currently more likely to escalate than to be resolved by negotiation

The big unknown is how the conflict could alter the Gulf’s investment priorities in the next year or two

Sometimes crises do not blow over as investors might hope