The situation remains dangerously fluid. Qatar’s declaration of force majeure will cascade through energy contracts worldwide. European diplomats are racing to find an off-ramp before the Strait of Hormuz becomes a full-blown flashpoint. And the U.S. finds itself in the contradictory position of waging military operations against Iran while simultaneously considering lifting sanctions on its oil — a tacit acknowledgment that the conflict is destabilizing the very markets Washington needs to keep stable.
As Netanyahu predicts swift victory and Trump reaches for World War II analogies, the rest of the world is bracing for what comes next — and counting the cost.