Dhaka, March 13 -- As the US-Israeli war with Iran escalates, the infrastructure and transit routes that sustain global energy flows are increasingly drawing fire, rattling financial markets. But the biggest risk is not necessarily a sustained loss of the physical supply of oil. It is that the tightly integrated energy system on which almost every country relies could experience a massive financial and geopolitical shock.

The initial trigger was the US-Israeli strike on Iran's main oil shipping terminal on Kharg Island, the departure point for nearly all of the Islamic Republic's crude exports. Roughly 10% of Iran's GDP is directly tied to oil revenues, so targeting this single export node is not merely a tactical blow; it strikes at the...