The Middle East war changes everything. And President Trump's demand for an unconditional surrender makes a near-term off-ramp more difficult to envision. Moreover, the impact ripples through a wide swath the global economy. Food is very oil and gas intensive, taking into account transportation, fertilizer, and pesticides. Worker remittances are important to many developing nations and the GCC (Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain) has a workforce composed of over 70% migrant workers, making it one of the top remitting regions globally, estimated around $135 bln in 2024. The nationals are often from India, ... (full story)