Escalations in Iran and Ukraine compound global volatility

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Two major global conflicts — in Iran and Ukraine — are both entering stages of serious escalation.
In the Middle East, the deterioration of the US-Iran ceasefire has reignited fears of a prolonged regional war; the American defense secretary said the Iranian attack that killed two US soldiers in Jordan “only stiffens our resolve.”
In Europe, Moscow launched one of its largest ballistic missile attacks against Ukraine, while Kyiv ramped up its bombing campaign by targeting logistics hubs belonging to Russia’s largest online retailer.
A prominent dissident said that Russian President Vladimir Putin is more likely to intensify the conflict — including a possible incursion into the Baltics — than reach a settlement: “Putin always escalated when he felt he was in trouble.”

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