As Russia’s war against Ukraine grinds on unabated, the US and Israeli attack on Iran has triggered a new escalation – one with consequences for energy prices, global stability, and the wider security landscape. Just three weeks after this year’s Munich Security Conference (MSC), the global picture looks even more unsettled than it did during the talks in Munich. The conference was held under the title “Under Destruction” – a reference to a world in which alliances are growing more fragile,