A two-week truce has sparked a cautious market rebound, but deep anxiety persists over renewed escalation and its impact on global growth and inflation

Even if the ceasefire holds, it will take months to undo the damage.

Iran's attacks on two big Gulf producers threw the industry a curveball. Although alternatives exist, the UAE and Bahrain facilities will be hard to replace.

Iran discovered his Achilles' heel—a market slump.

Higher gas and oil prices owing to the US-Iran war were a double-edged sword to African energy exporters

Prices, debt, and scarcity will strike a blow against the world's workshop

Disruptions to Gulf energy and shipping routes are tightening supplies of chemical fertilisers, raising costs from Europe to South Asia and heightening fears of a widening global food crisis

Algeria and Libya stand to gain from higher oil prices, but energy importers Morocco, Tunisia and Egypt are desperate for the war to end

Given the effective closure of the Hormuz Strait and Houthi threats to close off the Red Sea, Syria may emerge as a corridor and conduit to bypass these embattled maritime chokepoints

The element critical to the tech industry is in short supply following Iran's closure of the Hormuz. This will have serious knock-on effects across many industries worldwide.