'If the Strait of Hormuz were to remain closed, we would face a major crisis'

Nearly a fifth of the world’s oil supply passes through the Strait of Hormuz, a narrow waterway between Iran and Oman. © REUTERS - Dado Ruvic

The war in the Middle East is sending shockwaves through global energy markets as the tensions spillover into the Strait of Hormuz, one of the world’s most important oil transportation routes. Former French economy minister Eric Lombard tells RFI the situation could trigger a major global economic crisis if it remains blocked.

Speaking as the conflict entered its 12th day, Lombard said rising energy prices and market volatility were already fuelling fears of inflation and weaker growth around the world.