The US-Iran conflict has emerged as an economic shock extending well beyond West Asia, disrupting energy supplies and shipping routes, pushing up oil and gas prices and raising inflation risks across major economies. The Strait of Hormuz, through which about one-fifth of global oil normally passes, has been severely disrupted. The immediate economic effect has been a sharp rise in global energy prices. Brent crude moved back above $100 a barrel in September, with S&P Global estimating that the average Brent price in the first half of September was more than 40 per cent above its early-July low. The war driven impact has reverberated across major economies, but its effects have not been uniform. [...]