- Oxford Economics warns that prolonged disruption from the Middle East conflict could lead to a global recession and slow world GDP growth to 1.4 per cent by 2026.
- The closure of the Strait of Hormuz has already reduced tanker traffic by 98 per cent, potentially causing an unprecedented oil shortage of 12 per cent of usual consumption, necessitating widespread fuel rationing.
- Emerging economies in Asia Pacific and sub-Saharan Africa are most vulnerable to fuel shortages due to import dependence and limited reserves, while the US and Canada are more protected.
- Several countries, including Egypt, Pakistan, and the Philippines, have implemented measures like early closures and reduced fuel consumption to conserve energy.
- Foreign Secretary Yvette Cooper is hosting international talks to find a solution to reopen the crucial Strait of Hormuz shipping lane, while the IMF has warned of Britain's particular exposure to spiralling energy prices.
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