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 (accounting for one-third of global maritime oil routes), which could drive up oil prices and exacerbate global inflation.

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

3. **Trade Disruption**: The risks in key shipping routes (Strait of Hormuz) are rising, increasing shipping costs and insurance premiums.

4. **Market Panic**: Global stock markets are experiencing increased volatility, 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 risk.