The global economy could face a recession in the coming weeks, due to the energy crisis caused by the conflict between the United States and Iran.
The warning comes from financial experts quoted by the British publication Daily Mail.
Approximately 80 countries have already introduced fuel rationing measures, as the price of oil risks exceeding the threshold of 180 dollars per barrel. The increase is fueled by the blockade of the Strait of Hormuz, the maritime route through which approximately a fifth of the world’s oil production transits.
Economists and traders warn that, in the absence of a swift resolution to the conflict, the market could be affected by further energy price hikes, an extension of fuel rationing, a halt in certain industrial activities, and a marked slowdown in global economic growth.
The American bank JPMorgan estimates that the oil reserves of developed economies could reach “critical operational levels” by June.
“A global recession could become a real scenario”
“If the war with Iran does not end in the next few weeks and the Strait of Hormuz is not reopened, I fear that a global recession could become a real scenario”, stated the European Commissioner for Transport, Apostolos Tzitzikostas, for Financial Times.
Specialists warn that the approach of the summer season further increases the pressure on the energy market. The demand for air conditioning and for transportation associated with summer vacations will significantly increase the consumption of oil, gasoline, diesel, and aviation fuel in the upcoming period.
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