The Globe and Mail reports in its Saturday edition that on March 30, when oil prices galloped to $115 (U.S.) a barrel, Egyptian President Abdel Fattah El-Sisi was practically begging President Donald to end the Iran war. The Globe's Eric Reguly writes that Mr. El-Sisi outcry seemed an almost emotional plea for peace so his country could avoid economic and financial torment. Rising energy costs will almost certainly lift both inflation and interest rates, making the dollar-denominated debt of Egypt and other developing countries more expensive to repay. Economists and finance ministers everywhere are watching Egypt closely, as if it were the canary in the debt coal mine. Egypt has not been attacked by Iran, but it is fully exposed to the price and trade shocks unleashed by the war. We know financial crises are rarely isolated, that contagion can spread far and wide in a hurry. An economic crisis in a country as large as Egypt could sprint across the entire Middle East and beyond. Egypt's economic and debt vulnerabilities explain why it is trying to end the war that it played no part in starting. Meanwhile, the Strait of Hormuz remains largely closed. Oil prices are expected to resume their upward trajectory.