Kathmandu. The war in the Middle East, particularly the oil and gas crisis, has sparked global outrage. The situation is such that many countries, from Pakistan to South Korea, have implemented COVID-like energy security measures. The crisis has been exacerbated by the closure of the Iran-controlled Strait of Hormuz. <\/p>\n
Meanwhile, energy economist Anas Alhaji has warned of a global economic collapse. “If the tensions of this war do not end soon, it could lead to a global economic disaster,” he said. \u2019<\/p>\n
Only a few weeks then serious consequences<\/strong><\/span><\/p>\n }<\/p>\n Alhaji warned in a post on the social media platform Twitter (now X) that the economic consequences of the protracted war could be severe within a few weeks. “If this war does not end soon, the global economy will crash by early May,” he wrote, focusing on the increased risks in global energy markets due to the war and the closure of the Strait of Hormuz. \u2019<\/p>\n Hormuz crisis and global impact<\/strong><\/span><\/p>\n }<\/p>\n Discussing the global implications of the escalating Hormuz crisis, The Economist noted that rising tensions around the strategically important Hormuz crisis are a matter of grave concern. Because this oil route is one of the most important energy routes in the world. It accounts for 20 percent of the world’s total oil consumption. <\/p>\n Any disruption on ships passing through Hormuz could have a profound impact on energy markets and global trade. Alhaji explained that the impact of this crisis is already being felt outside the Middle East, especially in Europe. “Europe is heading towards a shortage of oil and gas, sharp price hikes and an increasing dependence on Russian oil,” he warned. The crisis could overturn all EU efforts to reduce oil dependence following the Russian invasion of Ukraine. <\/p>\n Oil prices rise in Asian markets<\/strong><\/span><\/p>\n Alhaji pointed to the sharp rise in the price of oil in the energy market, reflecting the potential for supply disruptions due to global tensions stemming from the Iran war. He also warned that oil prices could reach record levels if tensions escalate and the war prolongs. <\/p>\n What will happen to the U.S. stockpile? <\/strong><\/span><\/p>\n Economist Anas Alhaji also questioned the measures taken by the United States about what will happen to U.S. crude oil reserves once oil is pulled out of the U.S. strategic reserves. Which was previously used to stabilize the market during the supply crisis. “If the conflict, which affects energy infrastructure or offshore oil routes, continues for a long time, it could lead to economic problems such as inflation, supply chain disruptions and slowing global economic growth,” he said. \u2014Agency<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. The war in the Middle East, particularly the oil and gas crisis, has sparked global outrage. The situation is such that many countries, from Pakistan to South Korea, have implemented COVID-like energy security measures. The crisis has been exacerbated by the closure of the Iran-controlled Strait of Hormuz. Meanwhile, energy economist Anas Alhaji has […]<\/p>\n","protected":false},"author":16,"featured_media":291362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-292387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/292387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=292387"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/292387\/revisions"}],"predecessor-version":[{"id":292388,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/292387\/revisions\/292388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/291362"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=292387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=292387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=292387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}