"The blockade of the strait of Hormuz is “more serious than the ones in 1973, 1979 and 2022 together”, the head of the International Energy Agency (IEA) has said, as Donald Trump’s deadline for Iran to reopen the waterway approached on Tuesday.
Fatih Birol, the executive director of the IEA, told Le Figaro newspaper that the impact of the Middle East conflict on the oil market was larger than the combined force of the twin shocks of the 1970s and the fallout from Russia’s invasion of Ukraine.
He also said the countries most at risk were developing nations, which would suffer from higher oil and gas prices, higher food prices and a general acceleration of inflation, while European countries, Japan and Australia would also feel an impact."
https://www.theguardian.com/business/2026/apr/07/oil-prices-donald-trump-iran-stock-market-imf-inflation
Posted by Karthak_Maz_Urzak
3 Comments
No one’s acting like it is
Not for the USA. Likely is for the rest of the world.
If it was actually that severe, governments would be doing something about it.
The truth is a significant portion of the oil is still moving through the strait, an even larger portion was rerouted, and other producers can ramp up if it drags on.