Iran and U.S. escalate conflict amid threats to global energy and stability Iran and its allies launched retaliatory strikes against U.S.-linked assets and Israeli targets, including infrastructure in the UAE, Bahrain and Tel Aviv. The U.S. and Israel responded with attacks on Iranian civilian sites, heightening the risk of an unwinnable regional war. Iran’s closure of the critical oil shipping lane—handling 20% of global seaborne oil—triggered immediate economic shockwaves, threatening $150/barrel oil prices, global inflation and food shortages, particularly in vulnerable regions like Africa. Iran rejected U.S. demands as “maximalist,” ruling out direct talks despite backchannel efforts. Meanwhile, UN Security Council…
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