At the beginning of the Iran war, there was widespread fear that the world was headed for a stagflationary shock - a toxic combination of lower economic growth and high inflation - reminiscent of the 1970s. Then, a series of oil crises triggered by geopolitical tensions in the Middle East sent energy prices soaring, fuelling inflation and battering growth. Some have warned that the Iran war could trigger a crisis far more severe than 50 years ago, with Asia among the most vulnerable given its heavy reliance on Middle East fuel. [...]