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Middle East Crisis Halts Global Trade: Oil & Gas Prices Soar, Recession Looms?

Middle East Crisis Halts Global Trade: Oil & Gas Prices Soar, Recession Looms?

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News18•04-03-2026, 09:24

Middle East Crisis Halts Global Trade: Oil & Gas Prices Soar, Recession Looms?

•Middle East tensions in Strait of Hormuz and Red Sea have turned crucial sea routes into battlefields.
•Iran's IRGC blocks 20% of world's oil supply in Hormuz; Houthi rebels disrupt global supply chain in Red Sea.
•Changing ship routes are causing transportation and crude oil prices to skyrocket globally.
•Asian economies like India, China, Japan, and South Korea face severe economic impact.
•Concerns rise over potential doubling of petrol, diesel, and gas prices, hinting at a terrible economic recession.

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