This is apropos two back-to-back letters to the Editor carried by the newspaper these days. A conflict involving Iran, which controls the Strait of Hormuz, a critical choke point for global oil supplies, would disrupt oil shipments, causing a dramatic spike in global oil prices.
This would lead to economic instability, especially in developing countries that are heavily dependent on oil imports. As energy prices rise and supply chains are disrupted, the global economy could plunge into a recession.
Developing countries would be hit hardest, facing inflation, food shortages, and increased poverty rates. If the U.S. is drawn into a direct military confrontation with Iran and Russia and China intervenes, there is a real risk of a larger, more devastating conflict involving the world’s major powers.
A full-scale regional war could displace millions, overwhelm humanitarian agencies, and create a refugee crisis on a scale not seen since World War II, affecting Europe, Asia, and beyond.
This scenario would have devastating consequences for regional peace, economic stability, and global security, risking not just a regional war but potentially drawing the world into a broader conflict reminiscent of past world wars.
Qamar Bashir
Copyright Business Recorder, 2024
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