It’s not just the money

Minor and distant wars aren’t supposed to be a concern to hard-hearted financiers. Such conflicts are too small to matter to markets. But the Israeli bombardment of Hezbollah targets in Lebanon creates more than humanitarian and political challenges. True, the financial impact will be tiny, even by regional standards. It shouldn’t be hard to find the money to repair the $2bn of estimated damage to Lebanon’s infrastructure. The entire sum represents less than two weeks of oil revenues for Iran, ...