NEW YORK – The financial and economic implications of the US-Israeli war with Iran will depend on the war’s duration. The longer it goes on, the longer we can expect oil, gas, fertilizer, helium, and other prices to remain elevated. The greater the damage done to the Gulf’s oil production and export facilities, the greater the stagflationary pressure, which will have a major impact on global equity markets, bond yields, and credit spreads.

© Project Syndicate