War Could Turn Economic Shock Into Long-Term Damage

New York Times: “From the moment the United States and Israel attacked Iran, the nightmare scenario for the global economy that most people talked about was the closing of the Strait of Hormuz, the most important choke point for oil on the planet.”

“But a different and more disturbing nightmare began to unfold with direct attacks on the backbone of the Persian Gulf region’s energy production: the prospect of millions of dollars’ worth of long-term damage to facilities that supply a critical portion of the world’s natural gas.”

“Now, instead of wondering if the war would last for days or weeks, officials and economists are speculating about effects that could last for months and years.”