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 (a global oil transport route accounting for 1/3 of maritime oil), potentially driving up oil prices and exacerbating global inflation.

2. **Safe-Haven Sentiment**: Capital flows into the US dollar and gold, increasing pressure on emerging markets from capital outflows.

3. **Trade Disruptions**: The risk in key shipping routes (the Strait of Hormuz) rises, increasing shipping costs and insurance premiums.

4. **Market Panic**: Global stock markets experience increased volatility, risk assets come under pressure, and companies delay investment decisions.

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