Middle East Crisis Halts Global Shipping, Fueling Recession Fears

• Middle East conflicts, involving Iran's IRGC and Houthi rebels, are disrupting critical sea routes: the Strait of Hormuz and the Red Sea.
• Iran is blocking 20% of the world's oil supply in the Strait of Hormuz, while Houthi rebels are crippling the global supply chain in the Red Sea.
• Ship insurance cancellations and stalled global supply are causing transportation and crude oil prices to skyrocket.
• The crisis raises fears of a terrible economic recession and potential doubling of petrol, diesel, and gas prices.
• Asian countries like India, China, Japan, and South Korea face significant economic impact from the changing ship routes.