A halt on trade flows through the strait of Hormuz could spell trouble for many developed economies
US-Israel war on Iran – latest updates
The US-Israeli war on Iran has ignited fears that escalating military aggression in the Middle East could send oil prices soaring, push up prices at the pump and drive a global economic downturn.
The US began “major combat operations” in Iran on Saturday morning, shortly after Israel launched a strike against Tehran. Within hours of the US-Israeli strikes, tankers in the strait of Hormuz were reportedly warned by Iran’s Revolutionary Guard that no ship would be allowed to pass through the world’s most critical oil trade route.
Iran has not formally confirmed a block on the narrow waterway, which would be an unprecedented escalation in the region, but any halt on trade flows through the strait could block up to 15m barrels a day of crude oil from reaching their destinations.
