What began as a sustained military assault by the United States and Israel on Iran has escalated into a broader regional and global crisis. In just ten days, the conflict has expanded beyond direct fighting, sending shockwaves through international oil markets and raising fears of wider economic instability.

Eric Schmitt, a national security correspondent for The New York Times, examines the key players involved and how their strategic calculations are shaping the conflict. The fighting has not only intensified tensions in the Middle East but has also introduced new economic risks worldwide as energy supplies face disruption.

As the situation develops, governments and markets alike are grappling with the uncertainty created by the war. What started as a targeted military campaign now carries far-reaching consequences that extend well beyond the battlefield.