Strait of Hormuz leverage shakes global economies as energy crisis escalates

Strait of Hormuz leverage shakes global economies as energy crisis escalates Economy April 5, 2026 - 22:54 TEHRAN- The management of the Strait of Hormuz by Iran has emerged as a powerful economic lever capable of reversing growth trajectories in major economies. Implemented following what Iran describes as aggression by the American-Zionist coalition, this strategic control has now found concrete expression in the macroeconomic calculations and national budgets of countries worldwide. With military tensions in the Persian Gulf at an all-time high and tanker traffic through the strait severely restricted, global energy markets are experiencing unprecedented volatility and consecutive price shocks.  The world is once again confronting an old but decisive reality: the absolute dependence of the global economy on the energy security of the Persian Gulf.  Nearly 20% of the world’s oil passes through the Strait of Hormuz, making any disruption an immediate threat to international stability. The evidence is already visible. Oil prices have surged abruptly, industrial governments have issued public warnings about potential fuel shortages, and JP Morgan has projected that the release of strategic energy reserves will only manage to cap prices until approximately April 20.  Behind the scenes, financial markets are already pricing in prolonged disruption.  Brent crude futures have climbed to levels not seen in nearly a decade, while hedging activity by airlines and shipping companies has spiked dramatically.  Meanwhile, the International Energy Agency has quietly revised its global oil demand forecasts, warning that supply-side shocks of this magnitude could erase projected growth for the remainder of the year.  What makes the current situation unique is the absence of a swift diplomatic channel.  Unlike previous Persian Gulf crises, where back-channel negotiations often de-escalated tensions within weeks, no such mechanism appears operation...