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 1/3 of the world's maritime oil transit), potentially driving up oil prices and exacerbating global inflation.

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

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

4. **Market Panic**: Global stock markets experience heightened 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 broaden, it may trigger an energy crisis and stagflation risks.