The world could pay a high price for the US launching war on Iran.

Global shipping's in turmoil as Donald Trump's naval blockade in creases uncertainty - although he's hinting peace talks could resume.

The International Monetary Fund's warning a prolonged conflict could tilt the global economy towards recession. 

US correspondent Dan Mitchinson unpacked the concerns further.

LISTEN ABOVE

• Trump says Iran talks may resume this week; more than 20 ships transit Strait of Hormuz
• Oil prices surge following US announcement of Hormuz blockade
• JD Vance says talks failed to reach agreement with Iran
• Pacific island declares state of emergency due to fuel supply risks
• Netanyahu says Iran's nuclear, missile programmes crushed
• Iran and US in rare direct talks in Pakistan as push to end war continues
• Iran issues warning as US warships move into Hormuz; Trump says makes 'no difference' to him if Iran, US reach deal