Mon, 23 Jun 2025

Mon, 23 Jun 2025 Strait of Hormuz: What happens if Iran shuts global oil corridor?

Iran's threat to block the world's most vital oil transit point has raised fears of major global economic consequences.

* 20% of global oil and gas flows through the narrow shipping lane in the Gulf
* Blocking it would disrupt international trade, ratchet up oil prices, and inflate costs of goods and services worldwide
* Top importers of crude oil passing through the strait include China, India, and Japan
* Disruptions could increase fuel and production costs at a time when countries like China rely heavily on manufacturing and exports
* Rising manufacturing costs could eventually be passed on to consumers, fuelling inflation around the world
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