Widening cost of conflict

A ceasefire between the US and Iran aimed at ending the conflict and reopening the Strait of Hormuz initially brought relief to Asian economies reliant on Gulf oil, but hostilities resumed, expanding the war to involve regional actors, militias, and critical waterways like the Red Sea and Caspian Sea. The conflict's escalation has prompted a 14-nation maritime alliance led by Saudi Arabia and drawn warnings from global institutions like the IMF and World Bank about its economic and energy security impacts.