Iran-Israel war: Unfavourable development for both SL and rest of world

THE gruesome warfare between the two arch enemies in the Middle East - Iran and Israel - has been dominating international news headlines since last weekend and already, its ramifications have been felt worldwide.

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Since the eruption of the conflict, crude oil prices have increased by about 15% in the world market, causing worries to the global economy. The tensions in the Middle East have resulted in more than 30 international airlines, including major airlines like Emirates, Etihad Airways, Lufthansa, and Qatar Airways, suspending flights to the affected destinations in the war-torn region.

Ever since Iran’s Islamic Revolution in 1979, the two states have been sworn enemies. Over the past few decades, the Islamic Republic has been declaring its intention of wiping out Israel from the world map in no uncertain terms, while the Jewish nation has always regarded Iran as its biggest rival. Subsequent to the Islamic Revolution, successive regimes in the oil-rich country have adopted a highly antagonistic approach towards Israel. The arch enemy of Israel has generously extended support and assistance to anti-Israel militant groups like Hezbollah in Lebanon, Shite militias in Iraq, Houthi rebels in Yemen as well as Hamas in Palestine to destabilise the pro-American state.