In March 2026, the world watched, stupefied, as soaring oil prices upended global financial markets. The International Energy Agency warned of the largest supply disruption to the global oil market in history, as crude flows through the Strait of Hormuz plunged to a near standstill after US and Israeli attacks on Iran at the end of February. Iran flaunted its stranglehold over the world economy, which will be heading towards a global recession should the current disruption persist. The impasse along the 39-kilometre maritime chokepoint triggered a succession of ensuing blows to the fracturing world order: US sanctions on Russian oil were lifted; China rebuffed US summons to send warships to safeguard the vital waterway; Germany and the UK also refused to send a contingent,…
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Source engelsbergideas.com
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