Economic fallout unfolds as Strait of Hormuz remains shut
2026-03-14 10:27:55 source：CGTN
March 14, 2026
Since February 28, when the US and Israel initiated military actions against Iran, the Strait of Hormuz has been effectively shut to maritime traffic, sending ripple effects across the global economy.
Brent crude, the international oil benchmark, again shot above $99 per barrel, marking a climb from earlier in the year when it traded at around $60 a barrel.
A major driver behind the recent surge in oil prices is the "lack of tangible goals in this war," Adi Imsirovic, an energy security expert at the University of Oxford said. "It makes it hard for oil traders to see the light at the end of the tunnel."
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