THENATIONALPULSE (Pulse Wires) - Global Recession Nears as Countries Hoard Oil Reserves.
The global economy could slide into recession within weeks due to rising oil prices caused by the war between the United States and Iran, according to economic experts.
The ongoing war between the United States and Iran, specifically the blockade of the Strait of Hormuz, could plunge the world economy into recession due to rising energy costs. PULSE POINTS WHAT HAPPENED: The global economy could slide into recession within weeks due to rising oil prices caused by the war between the United States and Iran, according to economic experts. DETAIL: Following the outbreak of the Iran war in late February this year, the Strait of Hormuz, a critical passage for global oil shipments, has been closed. Approximately 20 percent of the world’s oil passes through the Strait. Iran has deployed vessels and sea mines to block the strait while the U.S. has enforced a naval blockade of Iranian ports. Consequently, oil…Open