The US and Iran traded intensifying attacks as analysts rang alarm bells over the war’s deepening impact on the global economy. The OECD warned of slowing growth internationally — including across the US, China, and the EU — with prospects worsening considerably if the conflict persists beyond this year, while inflation is set to accelerate across rich and poor nations alike.

New figures suggested price rises may already be gathering pace, with the eurozone reporting inflation well above the European Central Bank’s target. Some parts of the world are more vulnerable than others: A reliance on imported fuels, as well as its small capital markets and tight fiscal headroom, “limit Africa’s shock-absorption capacity,” S&P said.