Iran war could trigger global energy shocks and stagflation, economists warn

A prolonged Iran conflict could disrupt energy routes and scarce by‑products—oil, gas, LNG, helium, fertilisers—via chokepoints like the Strait of Hormuz. Even limited disruptions could lift prices, strain supply chains, and slow growth, potentially triggering stagflation if the war lasts longer than investors expect, with the Gulf, Europe, East Asia and the US all feeling effects.