Oil prices are holding just below $77 a barrel as the world braces for Iran’s threats to close the crucial Hormuz Strait – the chokepoint through which about 20% of the world’s oil flows! US strikes on Iranian nuclear facilities have only added fuel to the fire, with major oil companies evacuating staff from Iraq. Tanker transport costs have surged 12%, and any disruption in the Hormuz Strait could send oil prices skyrocketing and trigger global chaos. Will Iran really shut the strait and unleash an economic storm, or is this just another geopolitical drama? Jump into the debate – is this the start of a new energy crisis or just another media circus?
