Will this (re)emerging conflict fuel a new war and worsen the global economic situation?
It is not a (re)emerging conflict, it is an ongoing conflict for the past almost 80 years that Palestine has been occupied. It's just making a lot of noise in the media because over the past 24 hours, it has been the Palestinian resistance that is hitting back and not the terrorist organization commonly known as Israel.For example if you search the entire Western or Russian media you will not find anything regarding the IDF terrorist raiding the Al-Aqsa Mosque 48+ hours ago, brutally beat the women praying there, rip off their cloths, rape them and parade them in the streets naked. In other words the main reason why the Palestinians rose up and started feeing their cities one at a time.
Hamas fired more than 2200 missiles and the legendary Iron Dome failed to protect Israel with many missiles getting through and exploding in the streets.
It was 5000 rockets in 20 minutes ie. ~4 rockets/sec 