Today's unstable global economy encounters numerous risks. Oil prices surge due to fear of war between Israel and Iran. The recent global recessions have arised from a geopolitical shock in the Middle East that spiked oil prices. Iran waged war on Israel, and the US stepped in to alleviate the conflict by providing Israel with military supplies. Oil prices surged even further due to fear of war, and would cause a worldwide recession if it occurs.
Today's unstable global economy encounters numerous risks. Oil prices surged(Tense) due to fear of war between Israel and Iran. The recent global recessions arised(What's the correct verb form?) from a geopolitical shock in the Middle East that spiked oil prices. Iran waged war on Israel, and the US stepped in to alleviate the conflict by providing Israel with military supplies. Even if a war does not break out, ///the fear of war surged oil prices even more, and would become worse if it does.(rephrase this section)///
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