It has been 60 days since the US-Iran war began. When the conflict first broke out, no one expected it would drag on this long. I certainly didn't. I expected the war to be short, and I prayed it would be — because even before a single missile flew, the global economy was already struggling, and people were feeling it in their daily lives.
So every day, I refreshed the news, hoping for the war to end quickly so that the suffering of innocent people could be minimized. But here we are. Sixty days in. Negotiations break down and resume in cycles. The Strait of Hormuz remains blockaded. And the bill grows heavier every single day — paid by people who have nothing to do with this fight.
A consumer in Seoul fills his tank for ten thousand won and sighs. A mother in Tokyo runs the calculator over her grocery receipts. A truck driver in Manila has lost his job to alternate-day driving rules. They share one thing in common: not one of them has ever fired a shot at the United States or Iran. And yet, the bill keeps arriving at their door.
60 Days of Damage: A Global Economic Snapshot
Since US-Israeli strikes hit Iran on February 28, 2026, the world economy has plunged into its worst energy crisis since the 1970s oil shock. The numbers tell a brutal story:
- Brent crude oil has surged from $72 to $112 per barrel in a single month — a 55.3% spike
- Asian LNG spot prices have rocketed 140% higher after Iranian drones struck Qatar's LNG facility
- The OECD has cut its 2026 global GDP forecast from 2.9% to 2.6%
- The IMF warns that a prolonged conflict could trigger a global recession
- Roughly 20% of seaborne crude oil and one-fifth of global LNG normally flow through the Strait of Hormuz — now severed
The International Energy Agency has called this "the largest supply disruption in the history of the global oil market."
The Bill Is Going to the Wrong Address
The most outrageous part isn't the size of the damage. It's how unfairly it's being distributed.
South Korea and Japan, which depend on Gulf oil for 70% of their imports, and India, which depends for 50%, have absorbed the heaviest blows. The Philippines declared a national energy emergency on March 24, the first country to do so. Myanmar has imposed alternate-day vehicle restrictions. Nepal is now refilling LPG cylinders to only half capacity.
Across the Global South, talk of a debt crisis is intensifying as developed nations raise interest rates to fight inflation imported from the Gulf. The countries furthest from this war are paying its highest price. That is the brutal arithmetic of the global supply chain.
Why US-Iran Negotiations Keep Falling Apart
So why do the talks keep collapsing? The answer is simple: neither side is willing to give an inch.
The United States insists on "zero enrichment" — demanding Iran abandon uranium enrichment even for peaceful nuclear energy. This is, in effect, a demand for surrender. President Trump is using the Hormuz naval blockade as leverage, vowing to "press until they capitulate." After the April 11 Islamabad summit collapsed within a single day, even Pakistan — the mediator — voiced frustration that the US had moved the goalposts at the eleventh hour. Arms control experts have noted that the American negotiators lacked even basic technical understanding of nuclear issues.
Iran, however, bears its own share of blame. Tehran defines uranium enrichment as a matter of national sovereignty and refuses to compromise. By blockading the Strait of Hormuz, it has effectively held the economies of uninvolved third countries hostage. Iranian Foreign Minister Abbas Araghchi himself admitted that "there is no consensus inside the Iranian leadership about how to address US demands." When even the negotiating party cannot agree internally, what hope does the table have?
The Side That Broke the Deal First Is Demanding a Stronger One
There is an uncomfortable truth few want to say aloud. This crisis might never have happened had the United States not unilaterally withdrawn from the Joint Comprehensive Plan of Action (JCPOA) in 2018, during Trump's first term. The party that broke the agreement first is now demanding an even stronger one at the same table.
Both sides know that trust, once shattered, takes decades to rebuild. And yet, in the face of political ego, geopolitics is committing the same mistake all over again.
Eight Billion Innocent Bystanders
What's most infuriating is how the cost of this conflict is being externalized. The bill for Iran's nuclear ambitions and America's hawkish diplomacy is being paid by Korean families' gas bills, European factories' raw material costs, and Southeast Asian farmers' fertilizer prices.
Both governments tell their citizens, "We stand firm." But the cost of that firmness is borne by 8 billion uninvolved people. While American mortgage payments rise by $50 a month, Korean small business owners watch their margins shrink, and Kenyan farmers can no longer afford fertilizer for the next harvest, both sides keep shouting about "principles."
Whose principles, exactly? For whose benefit?
What Has to Change
In the short term, both sides must agree to an immediate humanitarian ceasefire and the reopening of Hormuz. Nuclear issues come second. Iran's proposed phased approach may not satisfy Washington, but stopping the daily bleeding of the global supply chain must be the precondition for any further negotiation.
In the longer term, the world needs a verifiable, multilateral nuclear inspection regime that no single great power can unilaterally dismantle. But the most fundamental change lies elsewhere. We must confront the structure itself — a system in which two countries' wounded pride can shake the dinner tables, the commutes, and the jobs of the entire world.
The international community can no longer afford the old paradigm that "great power diplomacy is for the great powers to handle." If a single strait can move global GDP, then that strait's safety cannot remain a bilateral bargaining chip.
A Closing Word
The two countries started this war. But ending it is everyone's responsibility. And the first step is to look squarely at the bill — and the people quietly paying it.
Sixty days ago, I prayed for this war to end quickly. Sixty days later, that prayer hasn't changed. But now, one more thing has been added to it: let this war end, but let us also walk one step closer to a world where the same tragedy never repeats.
What is held hostage in Hormuz is not just oil tankers. It is the daily lives of 8 billion people, trapped in that narrow strait alongside them.
Frequently Asked Questions
How long has the US-Iran war been going on?
As of April 29, 2026, the US-Iran war has been ongoing for 60 days, beginning with US-Israeli strikes on Iran on February 28, 2026.
How has the war affected global oil prices?
Brent crude has surged 55.3% in a single month, climbing from $72 to $112 per barrel. US retail gasoline prices have hit $4.18 per gallon, the highest level since August 2022.
Why do US-Iran nuclear negotiations keep failing?
The US demands "zero enrichment" of uranium by Iran, while Iran insists enrichment is a sovereign right under the NPT. Combined with deep mistrust after the 2018 US withdrawal from the JCPOA, neither side has been willing to compromise.
Which countries are most economically affected by the war?
Asian economies dependent on Gulf oil — particularly South Korea and Japan (70% Gulf dependence) and India (50%) — are hit hardest. The Philippines declared a national energy emergency on March 24, 2026, the first country to do so.
