The Guardian view on the cost of Trump’s war on Iran: the world’s poor will pay most dearly | Editorial

2026-03-12 - 19:03

The economic fallout of the US-Israeli assault and Tehran’s retaliation is spreading fast, and pushing the most vulnerable towards disaster Soaring prices at the pump, the scrapping of mortgage deals, and the prospect of higher prices for everything from food to smartphones. The US-Israeli attack on Iran, and Tehran’s retaliation, has rocked the global economy. Consumers are already feeling the pain of the biggest energy supply shock in history, and Iran’s new supreme leader, Ayatollah Mojtaba Khamenei, vowed on Thursday that the strait of Hormuz will remain closed, according to a statement attributed to him by state media. The corridor is the biggest chokepoint for the global energy system. The relief to oil prices brought by the International Energy Agency’s largest ever release of reserves had already proved shortlived: as the US and Israel intensified attacks on Iran, it escalated attacks on transport infrastructure across the Gulf. But the impact is not evenly felt. In Asia, heavily reliant on the Middle East for crude oil and liquefied natural gas, Bangladesh closed all its universities and Pakistan some of its schools due to fuel shortages. While US coverage is dominated by the impact at home, others are paying a higher price. And it is the world’s poorest and most vulnerable who will be worst hit. Continue reading...