U.S. and Iranian forces exchanged fresh air and missile strikes this week, abruptly ending a period of uneasy calm in the Gulf. The clashes raise the specter of each side imposing a blockade on the Strait of Hormuz, a chokepoint that channels a third of the world’s oil. A confrontation there could trigger a global economic ripple, tightening shipping lanes and inflating fuel prices. The situation underscores how quickly regional tensions can spiral into worldwide market shocks.
A tense calm in the Gulf was shaken this week with fresh strikes by the U.S. and Iran. It could provoke dueling blockades of the Strait of Hormuz, with global economic repercussions.
