The energy shock triggered by American and Israeli attacks on Iran in February has disrupted global energy flows, but economies have so far avoided the widely feared collapse. Oil prices have moved toward $110 a barrel as attacks on infrastructure, Houthi control of a strategic Red Sea island and port city, and failed Gulf negotiations increase supply and shipping risks. Rolling blackouts, fuel rationing and protests have spread from Asia to Latin America, affecting fishermen in the Philippines, factories in Bangladesh and demonstrators in Guatemala. China’s reduced crude imports have helped limit the rise in oil and refined-product prices, while earlier analysis found that higher energy costs and Treasury yields had added approximately $1,760 to household expenses and encouraged consumers to draw on savings. The narrowing economic buffer leaves inflation, demand and global growth increasingly exposed to further disruptions.