Bangladesh, April 13 -- The easing of tensions in the Middle East has offered the world a moment to exhale-but not to relax. The fragile ceasefire involving the United States, Israel, and Iran may have reduced the immediate risk of escalation, yet it has done little to repair the deeper fractures now running through the global economy. Markets remain uneasy, policymakers cautious, and households increasingly burdened. The reality is stark: even if the guns fall silent, the economic consequences of this crisis are only beginning to unfold.

At the center of this unfolding stress lies the global energy system, once again exposed as both indispensable and dangerously vulnerable. The warning from the International Energy Agency-describing the...