India, June 24 -- West Asia appears to be hurtling into an unprecedented crisis after the US joined Israel's conflict with Iran by bombing three Iranian nuclear sites. Tehran has vowed retaliation. US President Donald Trump has been quick to describe the bombing of Iranian sites as a spectacular success and American officials claim that Tehran's nuclear capabilities have been severely degraded. Iran's leadership has said it reserves the right to retaliate against the US, but has not done so far, with Iranian missile barrages still being directed against Israel. The Israeli military has responded with more strikes on military targets. Clearly, the situation could spiral out of control, with severe political, strategic and economic consequences for the world. After Iran's parliament backed the closing of the Strait of Hormuz, through which around 20% of the world's oil and gas supplies flow, a senior Iranian official has said a final decision will be made by the Supreme National Security Council. However, the impact of Iran's threat to close the crucial water body is already having an impact on oil prices and global financial markets. Any closure will have significant ramifications for India, which imports about 40% of its oil and half of its gas through the strait. Iran's leadership has said there can be no talks when the country is under attack, suggesting it may return to the negotiating table if a peace deal is on offer. That should happen. For while Trump may still hint at a regime change in Iran, American and Israeli analysts have clarified that such a move is only aspirational. To be sure, the Khamenei regime has survived only because Iran has been a country under siege and the recent attacks by Israel and the US have only served to unite the Iranian people. Left to its own devices, Iran's street may on its own force a regime change, but that is for the Iranian people to decide. The world community should get to work on all the players to talk peace because a prolonged conflict in a region that generates most of the world's energy supplies will have devastating consequences for the global economy in a year that is already expected to be the worst in terms of growth since 2008 (barring the pandemic year)....