Opinion: Iran war: Why US allies are suffering more than its enemies

In war, economic consequences often follow a logic distinct from military objectives. The unprovoked and illegal US-Israeli attack on Iran that began on 28 February is a striking case study.

Among the several objectives raised by the two aggressors - goals, incidentally, that have constantly shifted - the desire to weaken Tehran has appeared among the more pressing. But the conflict’s most severe economic repercussions have instead fallen mainly on Washington’s European and Asian allies. 

Due to Iran’s blockade of the Strait of Hormuz, and the region’s centrality to global energy and commodities supplies, the war has triggered an asymmetric shock. Europe and Asia are now bearing the brunt of energy scarcity, inflationary pressures and redirected global trade.

Before the war began, a fifth of global liquefied natural gas (LNG) exports, along with a third of crude oil and fertiliser exports, two-fifths of helium exports, and nearly half of sulphur exports, flowed through the Strait of Hormuz.

Read more: Iran war: Why US allies are suffering more than its enemies Opinion by Marco Carnelos