The war launched by the United States and Israel against Iran has now entered its third week and has already become one of the most significant geopolitical events of this decade. Yet the broader consequences of this conflict – the erosion of international law by a permanent member of the UN Security Council, a growing rift between the US and Western Europe, and the destabilization of the entire Middle East – remain subjects mainly for professional observers.
For the rest of the world, the most immediate impact is far simpler: the disruption of oil shipments through the Strait of Hormuz.
Iran’s Islamic Revolutionary Guard Corps has effectively imposed a blockade on one of the most critical chokepoints in global energy trade. The strait is a vital artery through which a large share of the world’s oil exports pass. Even before the latest escalation, prices were rising due to the regional conflict. Now the possibility that Iranian drones might strike tankers has pushed markets into deeper uncertainty.
Some analysts are already warning that oil prices could nearly double if the disruption continues. That scenario would almost certainly trigger a global economic recession. Despite the efforts of the US government in recent years, the global economy remains interconnected. When shipping through the Persian Gulf is threatened, the consequences are felt everywhere.
It is in this context that US President Donald Trump recently made a widely publicized statement calling on other countries to help ensure that the Strait of Hormuz remains open. His message was directed particularly at countries heavily dependent on Gulf energy supplies.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: rt.com
