A possible new U.S.-Israel military campaign against Iran threatens to go far beyond past rounds and could hammer the world economy, not just regional politics.

• Trump has signaled support for toppling Iran's government, not just pressuring it, with large military buildups already in place.
• Iran says this time it will hit back harder, targeting American businesses, undersea internet cables, and energy infrastructure instead of showing restraint like before.
• Desalination plants and water supplies in Israel and Gulf countries could become targets, which would be a survival-level threat for those populations.
• If energy infrastructure gets hit on both sides, oil flows and the Strait of Hormuz are at risk, which would hurt the global economy far more than past flare-ups.

Outlook: If the campaign proceeds as planned, expect a sharp escalation that risks disrupting oil supplies and global markets, with little upside for either side.