"The Strait of Hormuz remains effectively closed, and the impact of the global energy crisis is broadening. From Asia to Europe and beyond, the economic outlook is darkening."
"On Wednesday, Japan began its biggest release of national oil reserves; some 80 million barrels will be given to refiners, enough for 45 days."
"The Organisation for Economic Co-operation and Development (OECD) warned the conflict would damage the United Kingdom more than any other major economy, predicting that inflation would hit 4 percent this year."
"Observers say this type of about-face, which Trump repeatedly made over the past year amid his threats to impose steep tariffs on countries around the world, has opened the door to investors willing to bet that the US president will back down."
The global energy crisis is intensifying as the conflict involving the United States and Israel against Iran continues. The Strait of Hormuz remains closed, impacting oil supply and economic forecasts worldwide. Japan has initiated a significant release of oil reserves to mitigate the crisis. The OECD predicts that the UK will suffer the most from the conflict, with inflation expected to rise. Uncertainty is compounded by inconsistent messaging from US President Donald Trump, leading to speculation among investors about his potential actions regarding Iran.
Read at www.aljazeera.com
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