Following U.S. airstrikes on three Iranian nuclear sites, oil prices spiked due to fears of potential disruptions. Iran's parliament voted to close the Strait of Hormuz, a vital shipping lane for global oil and LNG trade. This closure could drive oil prices to $110 per barrel, impact global inflation, and slow economic growth. Analysts warn such a move would also harm Iran's economy, threatening its energy exports. Historical context suggests Iran has threatened closure before but hasn't carried through, raising questions about future actions.
Iran has a tight grip on global oil, and following US airstrikes on its nuclear sites, the potential closure of the Strait of Hormuz raises significant global economic concerns.
If the Strait of Hormuz were closed, expect higher inflation, slower growth, and higher interest rates, altering global trade dynamics significantly.
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