The U.S.-Israeli war with Iran , well into its second week, has now involved at least 12 nations, with economic and political shocks reverberating around the world. Neither side has achieved its strategic objectives so far, and both boast that they can outlast the other. If the conflict turns into a protracted war of attrition, Russia looks set to become a clear beneficiary, raking in profits from spiking oil and natural-gas prices, while the Western economies, Gulf states and even China will all feel spreading pain. While we are still in the early days, both sides appear to have miscalculated…

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