GIGS urges US, Israel and Iran to resume peace talks as conflict fuels global economic strain

In a statement issued on Tuesday, August 4, the security and governance think tank said the war, which began earlier this year, has dragged on for far too long and continues to affect millions of people who have no influence over the decisions driving the conflict.

The think tank warned that the conflict has already pushed up global oil prices, disrupted international shipping through one of the world's busiest maritime corridors and placed additional economic pressure on countries far from the conflict zone, including many in Africa.

According to the institute, renewed fighting in July, coupled with recent threats of large-scale military escalation, fresh strikes in Lebanon and attacks on commercial shipping near the Strait of Hormuz, has heightened global concerns.