A global recession and widespread fuel rationing are likely if the conflict in the Middle East does not end soon, a leading economic body has warned ahead of a meeting of international allies to try to find a way to end the blockade of the Strait of Hormuz.
Oxford Economics’s latest research shows that the number of tankers passing through the Strait is already down 98 per cent, and if the key shipping route remains closed for an extended period it would see existing oil inventories continually depleted and the current shortfall of 2m barrels per day rising sharply.
