The Global Order Has Been Altered

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The global order has been altered, and economies are unlikely to simply pick up where they left off before the U.S. and Israel began bombing Iran.

The framework deal between the United States and Iran sets the stage for an end to the bursts of violence and debilitating disruption of energy deliveries and trade in the Persian Gulf. But don’t expect economies around the globe to simply pick up where they left off before the United States and Israel began bombing Iran on Feb. 28.

The war has set in motion changes that will be hard to reverse.