The US killing of top Iranian general Qasem Soleimani and Iran's retaliatory missile attack have heightened fears of a conflict with far-reaching implications.
Who loses or gains from the crisis could change rapidly depending on what the US and Iran do next.
So, who are the winners and losers?
Iran
Despite the loss of such a powerful military figure, Iran could be a short-term beneficiary of Qasem Soleimani's killing.
The general's death, and the massive funeral processions that followed, have allowed Tehran to shift public attention away from a violent government crackdown on protests over rising petrol prices in November.
It also allows Iran to demonstrate its ability to rally at a time of crisis, with its notoriously divided political elite pulling together.
Iran has been under economic pressure from renewed US sanctions following President Trump's withdrawal from the Iran nuclear agreement in 2018.
Last year, the situation escalated after Iran downed a US drone and detained shipping tankers. It was also accused of sponsoring missile attacks such as September's strike on Saudi oil facilities – something it denied.
Iran has already hit back at America with a missile strike targeting US troops in Iraq. The country may benefit if it drags out any…
