One month on from the start of the US and Israeli war on Iran, governments worldwide are trying to assess the scale of its long-term impact on the global economy and political system.
Much will depend on how long the conflict continues, and how long Iran blocks fuel exports and other cargo vessels from passing through the Strait of Hormuz.
The White House and Iran have sent conflicting signals about whether negotiations are under way, even as thousands of US troops head to the Middle East. And even if President Trump secures a ceasefire with Iran, it is unclear if US and Israel are aligned on their visions for an end game.
Our panel assesses whether the world is headed for a 1973-style shock to the global economic system, pushing up inflation and cutting growth. And how Europe, Russia, China, and other nations will deal with a crisis that has disrupted energy flows and supply chains.
Joining regular host Bronwen Maddox are David Lubin, senior research fellow in Chatham House's Global Economy and Finance Programme, and Grégoire Roos, director of our Europe, Russia, and Eurasia programmes.
Read our latest:
Starmer's handling of Trump and Iran reflects public opinion, but shows the limits of UK power
Any Israeli occupation of southern Lebanon will work to Hezbollah's advantage
Spectator, beneficiary, player: Russia's strategy in the Iran war, from oil to drones
Presented by Bronwen Maddox. Produced by Stephen Farrell.
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