The war between the US and Iran has shifted from an energy crisis to an economic shock on multiple fronts, with at least six simultaneous crises potentially threatening global financial stability.

Analyst Crypto Rover pointed out the convergence of threats and stated that the market is "heading towards an all-encompassing crisis."

1. Food crisis on the way

The analyst indicated that hedge funds are net positive about wheat for the first time since June 2022. Due to the blockade in the Strait of Hormuz, about 30% of global fertilizer trade by sea has been disrupted. As a result, urea prices have risen by about 50% since the beginning of the war.

Now that the planting season has begun, AI analytics firm Helios warns that global food prices could rise between 12% and 18% by the end of 2026.

2. Stress on the Japanese bond market

Meanwhile, interest rates on Japanese bonds continue to reach new decade-highs, a pattern which analysts say has historically preceded broader market crashes.

3. Warning for the private credit market

There is also increasing stress in the private credit sector. BeInCrypto reported that many companies, including Blue Owl, BlackRock, and Apollo, have limited withdrawals due to an increase in the number of repayment requests.

JPMorgan CEO Jamie Dimon also warned that “losses on all forms of leveraged loans will generally be higher than expected, given the current situation.”

4. Increase in defaults on subprime loans

According to the Kobeissi Letter, the default rate on subprime loans has risen to 10% of all outstanding debt, the highest level in eleven years.

This percentage has more than tripled since 2021, raising comparisons to the global financial crisis.

“The default rate peaked at around 19% during the financial crisis in 2008, when subprime debts amounted to $3.5 trillion and accounted for about 30% of all household debt. Today, subprime debts are $2.7 trillion, or about 15% of the total – still a significant share. More and more Americans are falling behind on their debt payments,” the post stated.

5. Increasing signs of stagflation

The sharply rising oil prices are causing unrest over inflation and even a possible recession. U.S. consumer expectations for inflation rose to 6.2% in March. This is the highest value since August 2025.

Moreover, Saudi Aramco will raise its Arab Light oil price for May for Asia to a premium of $19.50 per barrel over benchmark prices, according to Bloomberg.

“Expectations for inflation are rising globally. Today, Saudi Arabia sets a record-high oil price for Asia. This is a classic case of stagflation, and that usually ends very badly for the economy,” added Crypto Rover.

6. Aluminum crisis due to Iranian attacks

Finally, an industrial crisis is also looming. Iranian attacks on aluminum plants in the Gulf region have further increased prices since the start of the conflict.

Emirates Global Aluminum (EGA) warned that the full recovery of its Al Taweelah facility could take up to 12 months.

“Al Taweelah is one of the largest smelters in the world and produces 1.6 million tons of metal in 2025, accounting for about 2.3% of global production. The Middle East is now responsible for about 9% of global aluminum production, but the impact is particularly large because stocks elsewhere have already dwindled. This leaves little buffer in the market. Aluminum is used in everything from airplanes to food packaging and solar panels; disruptions therefore have significant consequences beyond just the metals market,” reported Global Markets Investor.

Whether a ceasefire occurs could determine whether these parallel crises remain manageable or merge into a much larger problem.

Subscribe to our YouTube channel to see how leaders and journalists share their insights