The narrow shipping route on Iran’s southern border carries one fifth of global seaborne crude oil, one fifth of LNG shipments and one third of the most widely used fertiliser
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Donald Trump’s attempt to overthrow the Iranian government by force could trigger a new wave of cost-of-living pressures that embattled governments and central banks around the world will struggle to deal with.
The US-Israel attack on the Middle Eastern country at the weekend is the latest in a long series of global economic shocks.
Shipping through the strait of Hormuz, a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman, effectively closed in the wake of the missile attacks as companies swiftly moved to restrict transport.
