New Delhi, April 5 -- The US-Israel attack on Iran has profound implications for the long-term stability of the West Asian region, global geopolitics, energy security and global economics. The expanding nature of the conflict is spawning a long list of collateral damages, amplifying vulnerabilities wherever they exist.

While almost all the negative financial impact seems to be already out in the open, it is worth asking whether there are any hidden dangers lurking in plain sight, invisible to the untrained eye.

The impact on markets has been somewhat predictable so far. The two leading benchmarks in global energy markets have raced along the expected trajectory. In the domestic market, benchmark stock indices have dropped close to 12% f...