Source: Antiwar.com
by Jeffrey D Sachs & Sybil Fares
“The Israel-US war on Iran is engulfing the entire Middle East and could escalate to global war. The economic consequences are already severe and could become catastrophic. The Strait of Hormuz carries approximately one-fifth of all oil traded globally, and 30 percent of the world’s LNG. A sustained closure of the Strait would trigger an energy shock without modern precedent. The conflict is likely to spiral out of control because the US and Israel are dead set on hegemony in the Arab world and West Asia – one that combines Israeli territorial expansion with American-backed regime control across the region. The ultimate goal is a Greater Israel that absorbs all historic Palestine, combined with compliant Arab and Islamic governments stripped of genuine sovereignty, including on choices as to how and where they export their oil and gas. This is delusional.” (03/17/26)