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The war is on hold. But the economy is still in danger.

Fire breaks out at the Shahran oil depot after US and Israeli attacks, leaving numerous fuel tankers and vehicles in the area unusable in Tehran, Iran, on March 8, 2026. | Hassan Ghaedi/Anadolu via Getty Images For months, America’s war with Iran has been slowly suffocating the global economy. In March, Iran closed the Strait of Hormuz — the narrow waterway that links the Persian Gulf’s oil reserves to global markets. As a result, energy prices steadily rose while stock markets and growth forecasts fell. Analysts started warning that, if the Strait did not reopen soon, the global eco...