Oxford Economics says a long-term conflict between Iran, the U.S., and Israel could cause a big energy shock and inflation spike. In the worst case, Brent crude might hit $190 per barrel, beating its 2008 high, especially if prices stay over $150 for months. Even after prices drop, they might stay high. Supply issues could cut off 20 million barrels a day, with inventories dropping fast. Fuel like diesel and jet fuel is rising quicker than crude, showing serious supply problems. Natural gas in Europe and Asia could jump to around $30/MMBtu because of LNG issues. Global inflation could climb to 7.7%, with places like the U.S. and eurozone going over 6%, due to high energy, transport, and logistics costs. This affects shipping prices, food costs (because of fuel and fertilizers), and supply chains. Central banks might raise interest rates, like the ECB and BoE. $XOM