Gas prices surge amid Strait of Hormuz closure
The global economy is at risk of recession due to the closure of the Strait of Hormuz, with gas prices jumping from $2.98 to $4.39.
The Strait’s closure has resulted in a significant disruption to global energy markets, with roughly 20 million barrels of oil per day being affected.
The situation has been described as the largest supply disruption in the history of the global oil market, with commercial traffic dropping more than 90% since the closure.