According to a report by S&P Global, global economic growth is projected to decline to 3.2% in 2026, down from 3.4% in the previous year, primarily due to the ongoing conflict in West Asia. This conflict has triggered what is described as the largest energy shock on record, severely affecting global shipping, energy supply, and trade. The Strait of Hormuz, a crucial route for 20% of global oil transportation, is experiencing significant disruptions, with only selective passage allowed. Furthermore, oil production facilities in West Asia have been shut down, and key infrastructure, including the world's largest liquefied natural gas (LNG) facility in Qatar, has suffered damage. S&P Global warns that the risks to this growth outlook are predominantly negative, particularly if energy supply disruptions worsen. The report anticipates Brent crude prices to average $92 per barrel in the second quarter of 2026, with potential upward pressure if significant damage occurs to production facilities or if the Strait of Hormuz remains closed for an extended period. The conflict has notably altered the global economic landscape, with energy markets at the forefront of this disruption.