War with Iran delivers another shock to the global economy

The war with Iran is doing collateral damage to the world economy. The conflict is driving up energy, grain and fertilizer prices and threatening food shortages in poor countries. It's also destabilizing fragile states such as Pakistan and complicating options for the inflation fighters at central banks like the Federal Reserve. And it's proving to be a new burden for American consumers already fed up with the high cost of living. Much of the pain is being caused by an effective closure of the Strait of Hormuz, which carries a fifth of the world's oil.