PARIS—The war in Iran has triggered a dramatic redistribution of global wealth. US oil and gas companies stand to pocket at least $60 billion in windfall profits this year, while Russia could gain up to $100 billion in additional fiscal revenues. But nearly every economy, including energy exporters, is grappling with slower growth, rising inflation, and the prospect of persistently high interest rates.

Kent Nishimura/AFP via Getty Images Politics 7 Trump’s Tragedy of Errors Joseph E. Stiglitz weighs the economic implications of America’s reckless war of choice against Iran.

Trump’s Tragedy of Errors

Atta Kenare/AFP via Getty Images Longer Reads 1 The Age of Global Un-Order Mark Leonard foresees a geopolitical landscape shaped not by stable alliances but by shifting interests.

The Age of Global Un-Order

Moor Studio/Getty Images Innovation 0 Living Without an AI Kill Switch Ngaire Woods identifies the steps that can be taken now to prepare for attacks enabled by frontier models like Mythos.

Living Without an AI Kill Switch

The clearest fault line runs through the Strait of Hormuz, as its closure has exposed Asia’s heavy dependence on Gulf energy. Europe, too, is paying a steep price: since the Iran war began, the European Union has spent an additional €24 billion ($28 billion) on fossil-fuel imports.

At the same time, the current crisis is redefining energy........

© Project Syndicate