The Globe and Mail reports in its Saturday edition that each day the Middle East war continues, the strain on the world economy increases, making stagflation likely. The Globe's contributing columnist John Rapley writes that even if the conflict ended today, future price rises are already unavoidable. The war is unlikely to end soon. The Iranian regime is targeting the Strait of Hormuz with low-cost warfare, halting economic activity in the region. The United States seems unprepared, while Iran is poised for a prolonged campaign. The impact is both immediate and likely to be lasting. Markets seem to anticipate a short conflict with a return to normality, but traders expect elevated oil prices for an extended period. Before the war, futures traders projected oil prices around $60 (U.S.) per barrel for delivery in a year, but now they do not foresee such prices returning until the next decade. Oil removed from the market will not suddenly return when peace is restored. Infrastructure is being destroyed and could take months to be rebuilt. Tankers can only refill at the rate ports allow. Gulf states have limited oil storage, so even with resumed production, there may be a premium on Gulf oil due to the risk of sudden shutdowns.