Department of Management Sciences, King Ceasor University, Uganda

Department of Applied Business Administration, Cornerstone University, Uganda

Department of Research & Consultancy, the Uganda institute of Banking and Financial Services

Department of Business Administration, Unicaf University, Uganda

Email: richard.wemesa@gmail.com, richie.wemesa@gmail.com, wemesa@kcu.ac.ug, r.wemesa@uganda.unicaf.org, rwemesa@cu.ac.ug.

Abstract: The paper explores the impact of US and Israel war against Iran on the Ugandan Economy. The military confrontation between US-Israel against the Islamic Republic of Iran started on 28th February 2026. The war received global attention due to the unexpected nature of attacks on both sides. The paper adopted qualitative research approach, (Ravitch and Carl, 2019). The findings show that there was increased volatility in global financial markets, higher energy prices, decline in revenue from tourism and travels, disruption in trade and global supply chains, increase in the cost of insurance, recession risks, high inflation, rising cost for businesses and delay in business decision making. There is also evidence of spill-over of inflation and GDP shocks to other countries during the war. The objective of this short paper is, first to provide realistic assessment of the impact of the coordinated US and Israel war against the Islamic Republic of Iran which started on 28th February 2026 as a result of US and Israel coordinated air strikes targeting Iranian nuclear and military infrastructure on Uganda’s economy during the on-going war between US and Israel against the Islamic Republic of Iran.