FRANKFURT, Germany (AP) — Prolonged disruption of energy supplies from the Middle East due to the Iran war would deal a severe blow to the global economy, sending some countries into recession and spreading inflation and higher unemployment, the Organization for Economic Cooperation and Development said in a report Wednesday.
Hardest hit would be Asian economies that depend on crude oil, fuel and natural gas from the Persian Gulf, supplies that have been largely choked off by the closure of the Strait of Hormuz due to the risk of Iranian attack. And poorer countries where people spend more of their incomes on fuel and food would also be severely affected, the OECD said.
