What would be the consequences of closing the Strait of Hormuz?

The closure of the Strait of Hormuz could have serious consequences for the global economy, including inflation and the risk of a worldwide recession, former World Bank Vice President Ismail Serageldin said.

He noted that a significant portion of global oil supplies passes through the strait, so any disruption to shipping could sharply disrupt the market. Oil prices have already risen from around $60 to over $100 per barrel.

The expert added that the consequences could affect not only the energy sector, but also agriculture, food security, and fuel markets.