Beijing, June 7 -- The Middle East conflict is approaching its 100-day mark, with U.S.-Iran talks still seesawing and the outlook for shipping through the Strait of Hormuz remaining uncertain.

Since fighting broke out in late February, the war has spilled far beyond the region, disrupting energy supplies, reigniting inflationary pressures and unsettling financial markets. International institutions are now warning that the conflict is becoming a growing drag on the global economy.

The Organization for Economic Cooperation and Development (OECD) and other bodies have recently lowered their forecasts for global growth, citing the prolonged conflict as a major source of uncertainty. What began as market concern over a short-term spike in o...