Strait of Hormuz Oil Shock Threatens Global Demand and Economic Stability
The ongoing closure of the Strait of Hormuz has led to a significant disruption in global oil supply, with traders warning of a potential crash in demand. The International Energy Agency has coordinated emergency measures among major economies to counteract the supply shock, but the situation remains critical. The conflict between the U.S. and Iran, which began with an attack on February 28, has resulted in a billion-barrel supply loss, affecting industries worldwide. Airlines in Europe and the U.S. are cutting flights, and gasoline consumption is declining as prices rise. The closure has lasted nine weeks, and the longer it continues, the more severe the demand destruction will become. 
