War

The escalation in the Middle East following the American and Israeli intervention in Iran does not expose Italy to a direct geopolitical risk, but it does make it vulnerable in terms of energy. The point is not the event itself, but its duration: if instability in the Gulf were to continue, oil and, above all, gas prices could affect growth, inflation, and the trade balance. More than the geography of the crisis, it is time that counts

The joint U.S.–Israeli strikes against Iran mark a historic escalation, directly targeting the territory of a regime that has long defined itself through opposition to Washington and Jerusalem. This piece analyzes Iran’s deterrence architecture, the counter-proliferation logic behind the attacks, the structural limits of airpower, the centrality of stockpiles and political will in modern warfare, and the broader geopolitical implications, including China’s strategic interests in Middle Eastern stability and energy flows

The military escalation between the United States, Israel, and Iran opens up a high-risk scenario for transport and energy. From the threat of a blockade of the Strait of Hormuz—a crucial hub for oil and gas—to the closure of Gulf airspace, to the effects on maritime traffic, insurance, and logistics costs, the conflict is redrawing global routes and supply chains. Stock market crashes, jet fuel price increases, and rising freight rates redraw the map of those who lose out and those who can take advantage of a more unstable and fragmented market