According to Garbis Iradian, chief economist at the Institute of International Finance, the ongoing turmoil in the Middle East has the potential to drastically influence global markets, particularly oil and natural gas prices, which could see a surge of up to 40% this year. Such a spike would not only slow global economic growth but also limit trade volumes, putting further pressure on economies worldwide. Iradian points out the sensitivity of oil prices to geopolitical tensions in the region, underscoring the importance of international diplomatic efforts to stabilize these essential markets.