Iran’s prewar economy was beleaguered, while Israel’s showed signs of recovery. A long conflict will test both their resilience.

This surge reflects the market's concerns regarding the disruption of oil supplies from the Persian Gulf region. The Strait of Hormuz, a strategic passage that separates Iran and Oman, is a major route for global oil shipments, with approximately 20 percent of the world's total oil supply passing through the strait daily.