There are moments in history when the global economy feels steady and predictable, even if imperfect. And then there are moments like this one, where everything seems connected in ways that are harder to control. Today, the world is once again facing a familiar but dangerous combination: geopolitical tension, rising energy prices, and growing inflation. Together, these forces are raising a serious question are we entering another global economic crisis, or simply navigating a turbulent phase of adjustment?

At the center of this uncertainty lies the fragile relationship between war and energy. Ongoing tensions involving Iran and the United States, particularly around the strategic Strait of Hormuz, have once again highlighted how quickly conflict can disrupt global supply chains. This narrow passage carries a significant portion of the world’s oil exports. When instability rises there, the consequences are not regional they are global. Oil prices react almost immediately, and with them, the cost of transportation, food, and basic goods begins to climb.

Energy has always been the lifeblood of the global economy. But in times of conflict, it becomes something more—a geopolitical weapon. When supply is........

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