The conflict in Iran is causing sharp spikes in global energy prices, specifically oil and natural gas, placing immense pressure on economies that rely on fossil fuels. The conflict's inflationary impact is raising production costs worldwide, particularly exacerbating food price hikes in Iran, which heavily depends on food imports. Coupled with the closure of the Straits of Hormuz, supply shortages are rising, driving up international oil prices, and marking a critical economic shift as the war's fallout becomes increasingly pronounced.