Looks Like the Economy Is Hitting a "Nightmare Scenario"

"The Strait of Hormuz has turned into a major chokepoint, with around 20 percent of the world's liquefied natural gas and oil supply typically traveling through its waters. Now that tankers aren't taking the risk of being targeted by Iranian drones or weaponized speedboats, that crucial artery has been largely cut off."

"As S&P Global vice chair Daniel Yergin argued in a Financial Times essay, it's looking like a "nightmare scenario" is now unfolding as skyrocketing oil prices "send the world economy plummeting into a deep recession" - a reckoning that's been decades in the making."

"The price of crude oil soared past $100 a barrel over the weekend as production slowed significantly. Americans are already feeling the effects at the gas pump, with prices surging for both gasoline and diesel."

Tanker traffic through the Strait of Hormuz has halted significantly as vessels avoid Iranian drone and speedboat threats, disrupting approximately 20% of the world's oil and liquefied natural gas supplies. Crude oil prices surged past $100 per barrel as production declined, creating a potential recession scenario. Asia faces the most immediate impact, though global markets are affected. American consumers experience rising gasoline and diesel prices at the pump. Financial markets show distress with stock futures declining and major indices sliding. Domestic economic concerns compound the crisis, including a February jobs report showing 92,000 job losses and unemployment rising to 4.4%. Investors fear prolonged conflict will cause extended oil shortages and economic contraction.

Read at Futurism