What the Middle East conflict means for world trade

The conflict in the Middle East threatens not only energy trade but also other trade flows, albeit to a lesser extent. The risk to container shipping is limited by the fact that the region was already a no-go area due to Houthi attacks in 2023-24. And while increased disruption to airlines could affect shipments worth about 3% of world trade, carriers have spare capacity and would largely be able to divert to other routes.