The Iran war is unlikely to sustain its current intensity for long, but the economic damage is already being felt

Bloomberg sees 2 most likely scenarios: limited energy attacks pushing oil to $80, or a ceasefire bringing it back to $65.

Even the more optimistic outcome implies a boost to inflation and a blow to global economic growth.

For Europe, sustained higher energy prices would push the economy to the brink of recession.

The world is already feeling the impact of higher oil prices.