A halt on trade flows through the strait of Hormuz could spell trouble for many developed economies
The US-Israeli war on Iran has ignited fears that escalating military aggression in the Middle East could send oil prices soaring, push up prices at the pump and drive a global economic downturn.
The US began “major combat operations” in Iran on Saturday morning, shortly after Israel launched a strike against Tehran. Within hours of the US-Israeli strikes, Iran’s Revolutionary Guards reportedly warned tankers in the strait of Hormuz that no ship would be allowed to pass through the world’s most critical oil trade route.