Business · 13 March 2026
Iran's Strait closure: The global cost of 20% of world oil.
Unsplash / Venti Views
People are facing higher gasoline prices and increased household costs due to the ongoing Iran war. President Trump currently faces many challenges declaring victory in the conflict he launched, with Iran having closed the Strait of Hormuz. This waterway carries around a fifth of the world’s oil, causing insurance rates for vessels to skyrocket.
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