The conflict in the Middle East has ushered in a period of significant international instability. The foremost priority of the ministry of foreign affairs has been to assist Italian citizens affected by the crisis, ensuring their safe return to Italy. However, every international crisis requires a broader assessment of its consequences. Alongside the tragedy of war, profound effects on global economic balances are emerging.

The tensions affecting the Gulf and the Strait of Hormuz clearly highlight the vulnerability of some of the world’s main arteries of international trade. The ongoing crisis is already exerting strong inflationary pressure on gas, oil and other strategic goods such as fertilisers, with knock-on effects on global food prices. When these critical hubs are exposed to geopolitical tensions, the urgency of strengthening the security and diversification of trade routes becomes clear.

In recent years, Europe has faced a similar challenge. Russia’s aggression against Ukraine necessitated a rapid diversification of energy supply sources. Within a few months, we re-evaluated infrastructure, supply chains and........

© hindustantimes