Business
Five Things the Hormuz Crisis Taught Us About the Global Economy
Reopening the Strait of Hormuz as part of a peace deal between the U.S. and Iran would ease an energy crisis that has sapped economic growth and fueled inflation worldwide.
Still, one of the surprises of the monthslong closure of the Middle East’s most critical energy conduit was that the global economy didn’t suffer a more severe shock. The pain wasn’t as swift or intense as it was following Russia’s invasion of Ukraine in 2022 or the oil crises that rocked the world in the 1970s.
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