U.S. and Israeli attacks on Iran have driven up oil prices and darkened the outlook for the world economy.

Ongoing strikes and counterstrikes on refineries, pipelines, gas fields and tanker terminals in the Persian Gulf threaten to prolong global economic pain for months, even years.

Iran responded to the attacks by effectively closing the Strait of Hormuz, a transit point for a fifth of the world's oil, leading to a massive supply disruption.

The price for a barrel of Brent crude oil climbed 3.4% to settle at $105.32.

Benchmark U.S. crude rose 5.5% to settle at $99.64 per barrel.

This situation evokes memories of the oil shocks of the 1970s, increasing the risk of higher inflation and lower growth, according to Carmen Reinhart of the Harvard Kennedy School.

The Persian Gulf accounts for a large share of exports of key fertilizers, such as urea and ammonia.

Now that the passage is blocked, urea prices are up 50% and ammonia 20% since the start of the war.

Fertilizer shortages and price increases could make food more expensive and less available, especially affecting families in poorer countries.

Qatar makes helium at the Ros Laffan facility, supplying a third of the world's helium.

Helium shortages, along with gas rationing and limiting air conditioning, are some of the consequences of the war.

International Energy Agency head Fatih Birol warned that no country will be immune to the effects of this crisis if it continues in this direction.

More than 80% of the oil and LNG that passes through the Strait of Hormuz is headed there.

In the Philippines, government offices are now open just four days a week and bureaucrats must limit the use of air conditioning to no cooler than 75°F (24°C).

India is prioritizing households over businesses in allocating its limited LPG supply, absorbing most of the price increases to keep costs low for poor families.

The average price of a gallon of gasoline has risen to nearly $4 from $2.98 a month ago, according to AAA.

The U.S. economy was already showing signs of weakness, expanding at an annual pace of just 0.7% from October through December, down from 4.4% from July through September.

Gregory Daco, chief economist at EY-Parthenon, has raised the odds of a U.S. recession over the next year to 40%.

Some of the damage to LNG facilities in Qatar will likely take years to repair, according to Lutz Kilian, director of the Center for Energy and the Economy at the Federal Reserve Bank of Dallas.

Recovery will be slow even under the best circumstances.

Mark Zandi, chief economist at Moody’s Analytics, and his colleagues wrote that there is no economic upside to the conflict with Iran.