The new military escalation between the United States, Israel, and Iran once again shook global markets on Thursday and reignited alarms over energy, inflation, and world trade. Although local authorities reported the situation was contained, the message to the market was immediate: the war is no longer limited to exchanging threats but is now hitting concrete nodes of the regional energy infrastructure. This point is especially delicate because the Gulf not only concentrates crude oil production but also liquefied natural gas, refining, and critical maritime routes. In practice, the market fears that a protracted conflict will spike energy costs, complicate supply chains, and force central banks to keep interest rates high for longer. Indeed, the war has already altered monetary expectations. Following new Iranian attacks on energy facilities in the Gulf, including refineries in Kuwait, major international stock markets closed or traded sharply lower, while Brent crude briefly moved above $119 during the session before stabilizing in the $114-115 per barrel range—a level that once again places the world economy at risk of a massive cost shock. The financial blow was immediate. In Europe, the rise in oil and gas prices complicated the situation for the European Central Bank, as traders who had recently bet on rate cuts now begin to recalculate in the opposite direction. However, in the context of open warfare, the potential benefit is quickly overshadowed by international financial volatility and the general deterioration of the business climate. What the markets showed this Thursday is that they are no longer reacting only to military reports, but to the concrete possibility of a long war with consequences for production, transportation, inflation, and growth. The market's reading is clear: every attack on energy infrastructure in the Gulf increases the fear of supply disruptions, raises transportation costs, and puts entire industries back under stress. At the center of this new wave of tension are the Gulf's energy facilities. The underlying concern is well-known: if energy prices are pushed up again, the nascent inflationary relief could stall or even reverse. For Argentina, the phenomenon has a dual interpretation. On the one hand, the rise in crude oil and global energy could put pressure on fuels, logistics costs, and imported inflation. On the other hand, the jump in Brent also revalues, at least theoretically, assets and projects linked to Vaca Muerta. International reports agree that the Iranian offensive reached targets in Kuwait, as well as other strategic objectives in the region, in retaliation for previous Israeli actions against Iranian gas facilities. The possibility that damage will expand or interruptions multiply in the Strait of Hormuz area explains the magnitude of the financial reaction. In Europe, the punishment was also severe: Frankfurt's DAX lost over 2%, while the regional STOXX 600 index deepened its retreat as capital flowed from risky assets to more defensive positions. Oil's reaction was even more forceful. And when this combination appears, the global reflex is always the same: stock markets fall, oil prices rise, and fear once again imposes itself over any optimistic calculation. In Asia, Tokyo's Nikkei index closed with a fall of nearly 3.5%, reflecting investors' fear that the war in the Middle East will prolong and affect global energy supplies. In the United States, the Federal Reserve left rates unchanged but warned of persistent inflation risks. One of the affected Kuwaiti refineries was Mina Abdullah, where a fire broke out in an operational unit and was later brought under control by emergency teams. Meanwhile, the American WTI also touched nearly $100 before falling to the $96.59 area. Brent, a key benchmark for Argentina and much of the international energy trade, jumped more than 6% in the session, hit an intraday high of $119.13, and then eased slightly to settle near $114.77.
