Middle East tensions are ratcheting up, bringing the region closer towards an all-out war.

The geopolitical risk rose after Iran launched a major ballistic missile attack targeting sites across Israel.

The escalation comes almost a year after Israel started its war on Gaza.

A widening war in the region could carry heavy costs for the parties involved, including economic and humanitarian losses.

The long-term effects could also have serious ramifications for the global economy.

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