With dwindling global oil supplies, soaring gasoline costs, and increasingly volatile markets, the ongoing Iran conflict brings back vivid memories of the severe oil crises that gripped the 1970s. That period saw economies, notably the German one, plunge into a painful stagflation—a challenging combination of stagnant economic growth and high inflation.
The critical question now is: How severe is the current situation truly, and what are the potential economic repercussions of today’s geopolitical tensions compared to the challenges faced decades ago?
