Anxiety over next phase of Israel-Iran escalation: Potential implications on energy, fertiliser prices, shipping, even US prez polls
fertiliser prices, shipping through the Straits of Hormuz in addition to the current disruptions in the Red Sea, the peace and tranquillity in the Gulf and West Asia, and even the US presidential elections.
The conflict has seen a step-bystep escalation, starting with the Hamas attack of October 7 last year. Israel, in response, has continued with its air and ground operations in Gaza. More than 40,000 have died from this action, nearly two million displaced and property and infrastructure severely damaged. The population there is suffering from food shortages and break down of health care.
Intense multi-country efforts for ceasefire, led by the US, Egypt and Qatar, have floundered, buffeted by Israeli desire for a permanent end or irreplaceable degradation of Hamas military and governance structures, and countervailing Hamas’ demands for the ceasefire to be ‘permanent’. Around 100 Israelis remain hostages since October 7with no clarity on how many may still be alive. Anger against Israel and criticism of its actions in many countries has only grown.
In an unprecedented step, Israel recently declared the UN Secretary General persona non grata and barred his entry. South Africa has appealed to the International Court of Justice against Israel’s actions, and the International Criminal Court is examining issue of arrest warrants against Israel’s prime minister and defence minister. However, support for Israel has sustained in many European countries, particularly in the US, despite opposition from Arab and Muslim
