Past conflicts in the Middle East typically hit India at the gas station. This time, the risks transcend oil, threatening everything from smartphone exports to New Delhi’s fragile finances.

Flames have reached the United Arab Emirates, India’s second-largest electronics export destination after the US. Beyond being an entrepot for regional trade, Dubai and Abu Dhabi are wealth hubs for the Indian elite. Additionally, nine million Indians work in the Persian Gulf, providing critical remittances. As Iran vows retribution for the killing of Ayatollah Ali Khamenei by the US and Israel, both migrant laborers and affluent professionals are on edge.

© Bloomberg