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Why does war hit advertising first?
Because ad budgets are the first line a CFO cuts when energy, freight and uncertainty rise together. The US and Israel went to war with Iran on 28 February 2026, the Strait of Hormuz is still contested and oil is expensive. My call: global media spend drops 7% in 2026 and 6% in 2027, $166 billion wiped off versus the baseline. Advertising may win quarters. Innovation wins decades.
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