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More Judiciary Education YourTurn Work With Us Campus Voice

Iran war is sure to bring recession in US—common man in India will also suffer

The disruptions in supply chains, rising shipping costs, and shortages of critical components could trigger a global supply shock, throwing economies into chaos and recession.

For over two weeks now, following attacks launched by the United States and Israel against Iran, the flames of this conflict have spread to as many as 20 nations. Consequently, not only have thousands of lives been lost, but vast reserves of oil and gas have also been destroyed, and massive property damage has been incurred. 

Moreover, the entire world is currently grappling with surging oil and gas prices due to disruptions in vital maritime shipping routes. According to global agencies, this war could trigger a drastic escalation in global inflation, poverty, and food insecurity. The ongoing disruptions in supply chains, rising shipping costs, and shortages of critical components could trigger a global supply shock, throwing economies into chaos and recession. And the worst victim of the war between nations is the common people around the world.

It is widely believed that the current conflict is driven by America’s ambition to secure control over oil reserves. Although the initial pretext cited was that Iran was developing nuclear weapons—a development alleged to threaten peace in both the US and the wider world—members of the US administration are now saying that the US instigated this war without justification. 

They are, in fact, holding Israel responsible for provoking the conflict. However, it must be understood that—first, the arrest and subsequent extradition of the Venezuelan President to the US, and now the attack on Iran—are viewed by experts as indications of America’s attempt to seize control of the world’s oil reserves. The international news agency Reuters notes that, before this, the US had already effectively secured control over Iraq’s oil assets through regime change. Waging wars in this manner to assert........

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