global economy

Strait of Hormuz Crisis: Global Energy and Food Security Catastrophe

The Iran war triggered closure of the world's most critical energy chokepoint, causing the largest supply disruption since the 1970s. Oil above $120/barrel, 70% food import disruption across Gulf …

• The Strait of Hormuz — through which approximately 20 million barrels of oil pass daily, representing 20% of global seaborne oil trade — was …
• Tanker traffic dropped by approximately 70%, with over 150 ships anchoring outside the strait to avoid risks.