The expanding theatre of conflict in West Asia following the outbreak of the Hamas-Israel hostilities in Gaza on October 7 last year has substantially increased the level of threat to global stability and growth. Iran and Pakistan’s missile strikes on each other’s territories have raised the temperature. With a decisive expansion of Iran’s involvement in the conflict, the footprint of the Gaza war has expanded to Iraq, Syria, Lebanon, and even Pakistan. Earlier this month, Iran-backed anti-Israel Houthi rebels in Yemen destabilised world trade with their unanticipated attacks on shipping on the Europe-Southeast Asia route. This route accounts for 12