The author is the Head of Economics at the Greater London Authority and Policy Fellow at the University of Cambridge ISTANBUL On Feb. 28, 2026, the United States and Israel launched a military attack on Iran, killing its Supreme Leader, Ali Khamenei, and other senior officials. A notable consequence of the ongoing war is the deteriorating prospects for the global economy. In fact, the economic damage could outlive the military campaign itself. The Strait of Hormuz: The global economy’s jugular