War in Iran: Europe and China Face Greater Economic Losses Than United States (legrandcontinent.eu)

• PIIE report: US GDP 1.2% below baseline in 2026, Western Europe 1.6%, China 1.8%.
• US insulated by domestic energy production; Europe highly dependent on imports.
• Prolonged crisis: US loss 1.1% in 2026, rest of world 2.6%.

"According to a June 8, 2026 report from the Peterson Institute for International Economics (PIIE), the war in Iran and the Strait of Hormuz blockade will cause uneven economic losses. US GDP is projected to be 1.2% below baseline in 2026, Western Europe 1.6%, and China 1.8%. The US is less affected due to domestic oil and gas production. Europe is highly dependent on energy imports (e.g., Italy 92% oil, Germany 81%, France 73%)."