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Iran War Becomes a Contest of Who Can Take the Most Pain
EY-Parthenon chief economist Greg Daco predicts oil prices could exceed $100 a barrel in 2026 due to ongoing Middle East conflict disrupting supply and causing volatile markets.
- Since the war began on February 26, 2026, the conflict among Israel, the United States and Iran has become a campaign to inflict economic pain by targeting oil supply and tech infrastructure, with no off-ramps visible as strikes and counterstrikes continue.
- Years before the strikes, Iran warned it would retaliate across the Middle East if attacked, and attacks on ships forced companies to halt shipping through the Strait of Hormuz, which carries 20% of oil and 30% of fertilizer exports.
- Amazon data centres were struck in the UAE and Bahrain, while Iranian state media named Google, Amazon and Microsoft as "legitimate targets" in the conflict.
- This week, markets saw oil move between $90 on Sunday, back to $85 in the morning and $115 on Monday, rattling consumers and global markets and disrupting travel and shipping.
- Looking ahead, Greg Daco warned that if the war is severe and prolonged, prices above a $100 a barrel could become the norm, and gas could surge 150.
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28 Articles
28 Articles
DUBAI.– The war with Iran, with all its complexity and global effects, comes down to a single question: who can endure the pain for longer?A surge in oil prices points to what could be Iran's most effective weapon and the U.S.'s greatest vulnerability to continue the campaign: damaging the world economy.A sharp rise in naphtha prices shook consumers and financial markets, and international travel and shipping were seriously disrupted. U.S. Presi…
·Buenos Aires, Argentina
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Conflict is becoming a test of endurance.
Coverage Details
Total News Sources28
Leaning Left3Leaning Right3Center21Last UpdatedBias Distribution78% Center
Bias Distribution
- 78% of the sources are Center
78% Center
11%
C 78%
11%
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