Forecasters say a prolonged conflict could resemble past global economic crises. View image in fullscreen About a fifth of global oil supplies normally pass through the strait of Hormuz. The Gulf state accounts for a third of global supply, as an important byproduct of LNG. Some economists warn a prolonged war could drive oil prices above $170 a barrel, triggering a global recession. Experts warn a sharper sell-off in global markets could amplify the worsening outlook – exposing fractures in the financial system.

Source: The Guardian March 22, 2026 15:01 UTC