The main impacts of the Israel-Iran conflict on the world economy include:

1. **Oil Price Volatility**: The conflict threatens shipping in the Persian Gulf (which accounts for one-third of global maritime oil transport), potentially driving up oil prices and exacerbating global inflation.

2. **Safe-Haven Sentiment**: Funds are flowing into the US dollar and gold, increasing capital outflow pressure in emerging markets.

3. **Trade Disruptions**: The risk in key shipping routes (Strait of Hormuz) is rising, increasing shipping costs and insurance rates.

4. **Market Panic**: Volatility in global stock markets is intensifying, risk assets are under pressure, and companies are delaying investment decisions.

The extent of the short-term impact depends on whether the conflict escalates; if it continues to expand, it could trigger an energy crisis and stagflation risks.