The Middle East has entered one of its most dangerous phases in decades, with open war now raging between the United States–Israel on one side and Iran on the other.� Joint US–Israeli airstrikes on 28 February 2026 that killed Iran’s Supreme Leader Ayatollah Ali Khamenei have turned a long-running shadow war into a direct, multi-front conflict that is shaking the global energy system, financial markets, and the strategic environment of countries like India.� What follows unpacks the roots of this war, its impact on Gulf states and the Strait of Hormuz, implications for India and its neighbours, effects on the world economy, and possible pathways to both short-term de‑escalation and long‑term solutions. Roots of the current war The present crisis is the outcome of three overlapping storylines: the US–Iran confrontation, Israel’s campaign against Iran’s nuclear and missile programme, and the post–October 7 reshaping of West Asian geopolitics.� The October 7, 2023 Hamas attacks on Israel ...