Financial Times' chief economics commentator Martin Wolf says the Middle-East conflict has triggered the worst energy shock since 1973, warning that the global economy faces a long, painful disruption with tankers stuck, production halted and Iran showing unexpected strike capability. Wolf argues the war has no clear endgame, the Gulf cannot reopen under fire, and energy-dependent nations like India, Europe and China could suffer severe economic damage if the crisis drags on - calling the situation "exceptionally bad" and far worse than analysts anticipated.
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