The global economy and trade growth is expected to massively slow down this year amid disruptions in the Strait of Hormuz affecting oil, natural gas, and fertilizer supplies over the past near-100 days since the US-Israel war with Iran began on Feb. 28, Anadolu reports. The armed conflict in the Middle East has led to major challenges for the global economy, not to mention the loss of human lives. Iran largely halted commercial maritime shipping traffic in the Strait of Hormuz in retaliation for the US and Israel’s pre-emptive attacks on the country. Around 20% of global oil and liquefied natural gas (LNG) gas trade, 30% of fertilizer trade, around 40% of urea supply, 50% of sulfur supply, and 30% […]
This article was sourced from Middle East Monitor.
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