Iran Closes Strait of Hormuz, Raising Oil Price Risks to Global Economy
Following Iran's announcement that it has closed the Strait of Hormuz 'until further notice,' global oil prices have risen above $76 per barrel. The strait is a critical energy chokepoint through which nearly 20% of the world’s petroleum flows daily, and its closure could disrupt supply chains and reignite inflationary pressures.
Topics: global economy Iran oil prices Strait of Hormuz U.S.-Iran conflict