Iran-Israel War: Strait of Hormuz's Critical Role, Global Economy Faces Collapse?
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Iran-Israel War: Hormuz Blockade Shatters Global Economy, Oil Prices Soar
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News18•15-03-2026, 21:21
Iran-Israel War: Hormuz Blockade Shatters Global Economy, Oil Prices Soar
•Crude oil prices surged from $73 to $119 per barrel due to the Iran-Israel conflict, showing extreme volatility.
•Iran-backed forces blockaded the Strait of Hormuz, halting 20% of global crude oil and LNG transport, severely disrupting supply chains.
•Gulf nations like Qatar, Saudi Arabia, and Baghdad drastically cut oil and LNG production fearing Iranian attacks.
•Existing alternative pipelines cannot replace Hormuz's capacity, leaving Asian markets particularly vulnerable.
•The conflict fuels inflation, impacts the airline industry with flight cancellations and soaring ticket prices, and raises insurance premiums globally.