The ongoing war between the US, Israel, and Iran has sparked widespread concern globally, with China calling for a ceasefire and a return to diplomacy and dialogue. According to Gideon Chitanga, PhD, an international relations and political analyst, the war has been described as a war that should never have happened or a war of choice.
As the war escalates, Beijing has repeatedly warned that continued conflict could trigger a vicious cycle of instability across the Middle East and damage global economic growth. The International Energy Agency Executive Director, Fatih Birol, has stated that the war has caused the greatest global energy security threat in history since the oil shocks of 1973 and 1979, as seen on the International Energy Agency website.
Energy Insecurity and Global Economic Ripple Effects
The consequent energy insecurity has triggered widespread global economic ripple effects, affecting the livelihoods of ordinary people and risking political stability in other parts of the world. Birol noted that restarting damaged or shuttered oil and gas fields will take significant time, ranging from six months for some sites to be operational, while others may take longer.
Impact on Global Markets and Regional Peace
The war has rattled global markets and regional peace and stability, directly affecting international energy, finance, trade, and shipping, all shared interests of all countries in the world. Before the US and Israel attack on Iran on February 28th, intense diplomatic processes seemed set to unlock the major issues between the parties, allowing for political solutions.
In an article titled “America’s friends must help extricate it from an unlawful war: The superpower has lost control of its foreign policy,” published in The Economist, Badr Albusaidi, Oman’s chief diplomat and foreign minister, slammed the US-Israeli “unlawful war,” asserting that the war had jeopardised negotiations that were progressing towards a possible deal.
Some of the key concerns surrounding the war include:
- Energy insecurity and global economic ripple effects
- Regional peace and stability
- International energy, finance, trade, and shipping
As the situation continues to unfold, it remains to be seen whether China’s call for a ceasefire and a return to diplomacy and dialogue will be heeded, and what the long-term implications of the war will be for global energy security and economic growth.
