Just as the global economy cautiously emerges from one crisis, another is beckoning at the doorstep, one that is completely out of politicians’ control.
Markets and businesses breathed a sigh of relief last weekend when President Donald Trump announced a pending deal with Iran to cease hostilities in the Middle East and reopen the Strait of Hormuz to ship traffic. That blockaded chokepoint has sent energy prices and overall inflation soaring worldwide in recent months. Physical oil prices alone surged to $140 a barrel at one point, their highest level since 2008.
