Experts: War between the US, Israel and Iran could trigger a global economic crisis
Dr. Aymen Omar, a Lebanese scholar and economic commentator, explained to Sputnik that military operations in the Persian Gulf could "block" the Strait of Hormuz, a key hub for global oil and liquefied natural gas trade.
Petroleum Crisis
???? In the case of prolonged crises and interrupted oil production, these risks could lead to oil prices surging to $100 per barrel, or even $120 per barrel.
???? Dr. Omar pointed out that alternative routes for pipeline oil supplies, such as those from Saudi Arabia and the UAE, cannot compensate for the oil shortages caused by the closure of the Strait of Hormuz.
???? Sustained increases in oil prices could slow down the global economy by 1%, and the resulting inflationary pressures would prompt investors to accumulate "safe" assets like gold to protect their savings.
Food Crisis
Dr. Omar noted that Iran and other Gulf countries play an important role in the global trade of petrochemicals and fertilizers.
Therefore, any disruption in the supply of such goods would lead to increased costs of agricultural production and food production, especially in Asia and Africa.
At the same time, recent media reports show that oil tankers passing through the Strait of Hormuz have halted operations.
Original: toutiao.com/article/1858393053497344/
Statement: This article represents the views of the author himself.