The economic warnings are bleak, but full extent of shortages are still not felt for many European countries

A few more weeks of the status quo, where most tankers are prevented from crossing the Strait of Hormuz, will push the current crisis into a whole new phase.

The economic warnings are bleak, but full extent of shortages are still not felt for many European countries

Supply chain disruptions caused by the Iran war are spreading beyond oil markets into global food and chemical industries, according to media reports.

“The market has been complacent,” Chen Chien-Ming, an associate professor at NTU, says, blaming investors' "wishful thinking that the war will soon end.”