The ongoing conflict between the US and Iran has led to the effective closure of the Strait of Hormuz, a critical waterway for global oil trade, causing oil prices to surge above $100 a barrel. The closure has disrupted around 20% of global oil supplies, with major economies like China, India, Japan, and South Korea heavily impacted.
The International Energy Agency (IEA) has announced plans to release 400 million barrels from emergency reserves, but the effectiveness of this measure is uncertain. The US is also exploring options to secure the waterway, including forming an international coalition to escort vessels.
Would you like to know more about the impact of the Strait of Hormuz closure on global economies or the potential consequences for the US?
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