Global Economic Outlook Clouded by Strait of Hormuz Blockade and Rising Oil Prices
The blockade of the Strait of Hormuz is causing widespread economic repercussions, leading to higher pump prices globally and severe setbacks for key energy exporters like the UAE and Qatar. European markets are experiencing volatility due to rising oil prices and war risks, with the head of the IEA stating the current oil and gas crisis is more severe than previous major crises.
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Head of IEA says current oil and gas crisis worse than 1973, 1979 and 2022 together
The current oil and gas crisis triggered by the blockade of the Strait of Hormuz is “more serious than the ones in 1973, 1979 and 2022 together”, Fatih Birol, the head of the International Energy Agency (IEA), told Le Figaro newspaper. “The world has never experienced a disruption to energy supply of such magnitude,” he […]
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