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.