Carolyn Kissane: “Five weeks into the war… the full effects are still unfolding. Markets have not fully absorbed what sustained disruption could mean. Both sides are now signaling a willingness to target the infrastructure that underpins not only energy systems, but civilian life. Power plants, pipelines, ports, and transport networks are no longer clearly off-limits. The logic of escalation points toward symmetry with each strike inviting another, each target expanding the scope of what is considered permissible. This is the precipice.”
“If both sides follow through on their threats, the consequences will not be contained to the Gulf. They will reverberate through energy markets, global trade, and critical infrastructure far beyond the region. And what is being tested is not just access to energy but the resilience of the systems that sustain modern economies.”

