The escalation of the conflict with Iran brings rising oil prices, unstable markets and the risk of a global economic crisis with long-term consequences. Macedonia is among the most vulnerable countries, warns the European Bank for Reconstruction and Development (EBRD).

Attacks on energy infrastructure in the Persian Gulf are disrupting the flow of oil through the Strait of Hormuz, through which approximately one fifth of the world's oil supply passes.

Economists warn this could lead to a global recession, drawing parallels with the crises of the 1970s and stagflation. Rising fertilizer prices further threaten agriculture and food affordability.

Developing countries are hit hardest and are forced to introduce energy subsidies. The duration of the conflict and the extent of damage to infrastructure will determine the long-term consequences for the global economy.