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US-Israel-Iran war rocks global markets

The Strait of Hormuz, the crucial waterway that typically sees around a fifth of the world’s oil and liquefied natural gas supply pass through it, was all but completely closed Wednesday.

A man sits by a screen displaying stock indices at the Dubai Financial Market (DFM) stock exchange in Dubai on Mar. 4, 2026. — Fadel SENNA / AFP via Getty Images

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The US-Israel-Iran war has quickly spread beyond its initial battlefield to key Gulf economic and energy hubs. This newsletter will give you the lowdown on how this escalating crisis is upending regional and global economies, from energy markets and shipping to insurance and flight disruptions.

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