American and Israeli attacks on Iran, and Iran’s subsequent terrorism against civilian energy shipping in the Strait of Hormuz, is causing energy shortages and government deficits around the world, the New York Times reported yesterday.

• $1.9 billion in revenue will be lost by the German government after it lowered fuel taxes for the next two months on Monday.
• $1.7 billion will be lost by Canada after it cut taxes on gas, diesel and aviation fuels until September on Tuesday.
• Austria, India, Ireland, Kenya, the Philippines, Poland and Spain are among the other governments with similar plans and projected shortfalls.

Dozens of countries have cut taxes, subsidized energy bills, or given cash relief to their populations at the cost of increasing their national debts.

• The International Monetary Fund said Tuesday that the conflict could cause a global recession, and advised it governments to take measures like these to help cut costs for the average consumer. However, the next day, it stated that many nations are simultaneously accumulating unsustainable levels of debt.

Negotiations between the U.S. and Iran are failing, further exacerbating the economic strain.

Iran’s power: Due to its willingness to use military-grade weapons to commit terrorism in the Strait of Hormuz, Iran’s radical Islamist regime wields outsized leverage against the U.S. and the rest of the world.

• Additionally, its Houthi proxies in Yemen have displayed a willingness to terrorize shipping in the Bab el-Mandeb strait.

The Bible prophesies that radical Islam’s power is about to drastically increase. Watch for its ability to wreak havoc on the world’s oil market to escalate.

Trumpet editor in chief Gerald Flurry has warned that Iran will use its strategic leverage and its ideological zealotry to spark a conflict that will plunge the world into a nuclear World War iii.