Strait of Hormuz Blockade Sparks Severe Oil Crisis
The blockade of the Strait of Hormuz has ignited a global energy crisis surpassing the infamous oil shocks of 1973 and 1979, as well as the market turmoil following Russia’s invasion of Ukraine. The International Energy Agency (IEA) warns the current situation is unprecedented, with oil prices surging past $110 a barrel amid escalating tensions between the U.S. and Iran. Developing nations stand to suffer the most, burdened by soaring energy costs, rising food prices, and accelerating inflation.