AXIOS (Jason Lalljee) - How Iran's Strait of Hormuz shutdown could hit the global economy
The U.S. and Israel's war with Iran is likely to impact people around the world as tensions escalate around the Strait of Hormuz , a waterway on Iran's southern coast, where traffic has ground to a halt . Why it matters: Trade disruptions along this key waterway on Iran's southern coast that handles 25% of the world's maritime oil trade and 20% of liquefied natural gas shipments will likely produce a domino effect across the global economy. - About 33% of the world's fertilizers, including sulfur and ammonia, travel through the strait, according to the trade analysis firm Kpler . • It's a key route for alumimum and sugar as well. - Blocked access to the strait will likely impact the price of some products, including clothing,…