Wall Street’s losses deepened as the ongoing fallout from the war in Iran keeps pushing oil prices higher, ratcheting up inflationary pressure on the global economy

The first major attack on an island that exports the bulk of Iran’s oil threatens the lifeblood of the Islamic Republic, as well as global supplies in a market already rocked by the two-week-old conflict in the Middle East.

Previous Mideast conflicts have caused recession. Today’s economy has more insulation from oil shock, but is showing some strains.

The bull case for economic growth has weakened as oil spikes. Goldman raised its recession odds this week and others see a slowdown looming.

Israeli strikes sent smoke over central Beirut, just yards from government buildings, and triggered air‑defense systems across Tehran. Iran’s new supreme leader, Mojtaba Khame

War in the Middle East has roiled oil and gas markets for much of the past two weeks. Now the conflict is starting to ripple beyond the energy industry, causing havoc for the complex global supply chains that underpin world trade.

The price of oil jumped more than 7%, as the war on Iran was "creating the largest supply disruption in the history of the global oil market."

Iran might be outgunned and outspent by the US and Israel but it has one major advantage — its control over the Strait of Hormuz.