Israel and Iran Enter Second Week of Conflict Amid Regional and Global Concerns

Economic consequences were felt immediately. Oil markets soared as shipping in the Persian Gulf faced interruptions, with fears of Iranian missile attacks on tankers rerouting commercial vessels and sending insurance rates sky-high. Stock exchanges in Tel Aviv, Tehran, and even in London and New York took sharp hits as investors absorbed the possibility of a protracted and regional conflict. Both Israeli and Iranian central banks scrambled to stabilize their currencies and shore up public confidence, while inflation and shortages loomed on the horizon as trade links and supply chains fractured.