Six months after U.S. and Israeli bombing of Iran triggered a conflict, disrupted energy supplies have reshaped oil, refined-fuel and fertiliser markets while affecting global inflation and financial assets. Brent crude briefly exceeded $120 in April and averages about $90 in 2026, up from roughly $70 last year. Global stocks have nonetheless risen, with MSCI's 47-country world index reaching a record $105 trillion this month, up almost $7 trillion, or 9%, since the conflict began, helped by investment in artificial intelligence. Fidelity analyst Pranav Aggarwal said the rally suggested investors expected the war to end this year. Traditional safe havens have been inconsistent: the dollar gained 1.4% against major currencies, U.S. Treasuries lost 3.5% on a total-return basis, and gold first fell nearly 25% before rebounding more than 15% this month. Fertiliser disruptions, a strong El Niño climate pattern and Ukraine-related grain interruptions have pushed food prices to a more than three-year high, with the FAO warning of further food inflation and JPMorgan estimating that El Niño alone could add around 0.7% to global food inflation at its peak. Gulf economies and markets have taken the heaviest direct damage, including weaker Saudi exports, falling Dubai property sales, an expected contraction in Qatar and declines in Qatari and UAE stocks, while Bahrain's credit-default-swap prices rose almost 40%.