Iran War Sets Off Global Economic Shockwave
A devastating turn of events unfolded on February 28, 2026, when American B-2 Spirit bombers and Israeli F-35I Adir fighters launched Operation 'Epic Fury' against Iran.
The decapitation of the leadership, including Supreme Leader Ali Khamenei, sent markets into a panic. Brent oil prices surged above $120 within 72 hours, reaching an all-time high of $166 per barrel on March 19 for Dubai crude.
Global growth forecasts were slashed to 2% by the International Monetary Fund (IMF), with Kristalina Georgieva stating, 'All roads now lead to higher prices and lower growth.'
The war in Iran has accelerated changes in global monetary infrastructure, with China's Cross-Border Interbank Payment System (CIPS) emerging as a functional alternative to SWIFT.
Foreign holdings of US Treasury bonds have stagnated, and the dollar's share of global foreign exchange reserves fell from 73% in 2001 to approximately 54% in 2025, according to IMF data.