Anonymous21 days ago
The effective closure of the Strait of Hormuz since February 28, 2026 — triggered by U.S.-Israeli strikes on Iran and Iran's retaliatory blockade — has removed approximately 20 million barrels per day of oil from global markets, sending crude prices above $100 and triggering the largest emergency oil reserve release in history. With bypass pipelines capable of offsetting only a fraction of lost flows and Asian economies facing acute energy shortages, economists are warning of stagflation across major economies and rising recession risks if the blockade persists.