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International Business Times
International Business Times
Business
Brian Slupski

Key Factor of Iran War is Plunging World Economy Into Unprecedented Energy Crisis, Analyst Says

Iran Oil Saad alKaabi Strait of Hormuz Strait CNBC
The Strait of Hormuz is critical for oil and gas exports. (Credit: Bloomberg)

Experts are warning that the world is headed for an unprecedented energy crisis and higher gas prices due to the Iran war and threats to shipping in the Strait of Hormuz.

The Strait of Hormuz is a narrow area that connects the Persian Gulf and the Gulf of Oman along Iran's southern coast. The Strait is critical to shipping oil out of the Middle East with about 20 percent of the world's oil and gas passing through it, CNBC reported.

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