Many countries blunted the most painful effects of the energy shock from the war in Iran. But prices remain elevated and risks are multiplying. Spiraling costs for imported energy and fertilizer threaten to reduce harvest yields and drive up food prices across Africa, hitting the region’s poorest countries hardest. Patricia Cohen, the global economics correspondent in London, has written extensively about the worldwide consequences of the war in Iran.

For a while now, the global economy has been beating the odds. The energy shock prompted by the American and Israeli attacks on Iran in February set off the largest disruption of worldwide energy flows in history. Yet despite jumps in oil prices, widening conflict in the Middle East, fuel shortages and inflation pressures, the feared crash never came and most economies managed to muddle through. But wiggle room is narrowing at the same time the outlook is darkening.

Attacks forced Saudi Arabia to shut a vital pipeline. Houthi militia seized a strategic Red Sea island and a port city, which could further restrict shipping in the region. Oil prices have shot toward $110 a barrel. The price spike has caused rolling blackouts, rationing and angry protests from Asia to Latin America. In the Philippines, fishermen docked their boats because they can’t afford fuel. In Bangladesh, power outages caused hourslong work stoppages at factories.

China stopped stockpiling oil and began relying on its own inventories, easing pressure on the global oil market. The world’s largest importer of oil, China stopped stockpiling oil and relied on its own inventories, easing pressure on the global oil market at a critical moment. It also reduced or withheld exports of products made from oil, like jet fuel, meaning it needed less crude oil. At the same time, the United States, Japan and countries across Europe dipped into their own reserves to keep prices from rising further.

Storage levels among the 38 members that make up the Organization for Economic Cooperation and Development have dropped to their lowest levels in decades, according to the U.S. Energy Information Administration. And in the Gulf, alternate delivery routes, like Saudi’s East-West pipeline, are currently not operating. “We’re going to be dealing with prices in the $80 to $100 a barrel level at least through 2027,” said Mr. Goldwyn. Higher prices for fuel and related products like fertilizer will further push up food and transportation costs. The disruption in energy shipping routes in the Middle East will mean higher inflation. “What’s happening is that we’ve got very low levels of inventories now, and there’s still no sign that the straits can be reopened,” said Neil Shearing, group chief economist at Capital Economics. Asian economies face accelerating inflation, projected to reach 5.2 percent this year. In Europe, Britain and the United States, inflation is likely to hover in the 3.5 to 4 percent range until at least the middle of next year.