Ongoing conflict in the Middle East, particularly the Iran war, is sparking a series of "mini-crises" that analysts warn could collectively lead to a major collapse of the global economy and financial system. Concerns include the potential closure of the Strait of Hormuz, which could increase Europe and Asia's dependence on US oil and gas.

Not a sudden, major crash but a series of mini-crises. That, according to some, is the prospect facing the global economy and financial system in the wake of conflict in the Middle East. But what if these mini-crises cascade into a collective collapse? And what if the Trump administration emerges as the only winner in the conflict by virtue of the fact that it has, in engineering the closure of the Strait of Hormuz, locked Europe and Asia into a desperate dependence on US oil and gas, especially...