❗️Oil surges past $114 as Strait of Hormuz closure sparks global growth and price concerns – The Cradle
❗️Oil surges past $114 as Strait of Hormuz closure sparks global growth and price concerns
Oil prices jumped sharply this week, with US crude surpassing $114 per barrel, after US President Donald Trump set a looming deadline for Iran to reopen the Strait of Hormuz or face attacks on its infrastructure. The move has heightened fears of disruptions to the global energy and commodity markets, with traders and governments bracing for wider economic fallout.
The IMF and UN agencies warn that the US-Israeli war is choking supplies of oil, natural gas, and fertilizer from the Gulf, driving up costs for fuel, heating, and food worldwide. Around one-fifth of global oil and a significant share of seaborne fertilizer trade pass through the Strait of Hormuz, meaning even distant countries are feeling the impact through rising prices and supply shortages.
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