Global economy braces for impact as strait of hormuz crisis deepens

A near-total shutdown of the Strait of Hormuz is starting to ripple through the global Economy, threatening energy supplies, pushing up fuel prices, and fundamentally reshaping geopolitical dynamics.

Iran's military action brings gulf oil exports to a near standstill

The narrow waterway, nestled along Iran's southern coast, is one of the world's most critical shipping lanes. It connects oil-rich Persian Gulf states to international markets and, according to oil market analyst Matt Smith, tankers that pass through it carry roughly a fifth of the world's oil, along with significant volumes of natural gas.

As war in Iran has brought shipping through the strait to the brink of collapse, energy experts say the consequences are already being felt far beyond the Middle East.