Greece’s shipping minister warns that any closure of the Strait of Hormuz due to rising tensions between Iran and Israel would have serious global economic consequences.
Greece’s shipping minister warned Friday that closing the Strait of Hormuz would severely impact the global economy, as tensions rise in the Middle East.
“If the Strait of Hormuz is closed – which is the worst-case scenario – it will affect the entire global economy, not just shipping,” Vassilis Kikilias told SKAI TV.
He stressed that nearly 90% of global trade relies on maritime routes, and rerouting ships around Africa would create major disruptions to supply chains.
Kikilias called the current global situation “very volatile,” noting that oil prices have already surged 7–10% in recent days due to escalating conflict between Iran and Israel.
As fighting intensifies, Iran has warned it could shut the Strait of Hormuz — one of the world’s most vital oil transit chokepoints — in retaliation for U.S. involvement in its conflict with Israel.
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A tourist aircraft crashed near Peru's UNESCO-listed Nazca Lines on Saturday (1 August), killing all 13 people on board, authorities said.
U.S. President Donald Trump said late on Saturday he would hold off on a fresh attack on Iran as long as a deal could be reached quickly to halt Iran's nuclear ambitions and reopen the Strait of Hormuz.
Iranian Foreign Ministry Spokesperson Esmaeil Baghaei has said Tehran is not currently involved in direct talks with Washington about reopening the Strait of Hormuz. U.S. President Donald Trump said negotiations with Iran were to begin on Monday.
Two firefighting helicopters collided while battling a major wildfire in Greece on Sunday, killing two crew members as emergency services continued efforts to contain fires fuelled by extreme heat and dry conditions across Europe.
French Prime Minister Sebastien Lecornu said wildfires that swept across France were now under control. Authorities warned that risks remained as Greece and Spain continued battling active blazes across parts of Europe.
Hungary’s Paks nuclear power plant may continue operating at reduced capacity until Tuesday, temporarily easing pressure on the country’s electricity grid during an intense heatwave.
Myanmar's detained former leader Aung San Suu Kyi met with a representative of the International Committee of the Red Cross on Monday, after years of questions over the health and well-being of the 81-year-old Nobel Peace Prize winner.
Indonesian rescue teams are searching for 28 people still unaccounted for, three days after a passenger ferry caught fire off the coast of Madura island.
17 Gaming won the PUBG: Battlegrounds title at the Games of the Future 2026 in Astana after a closely fought tournament that was decided in the 15th and final match.
Cuba faced another nationwide blackout after its electricity grid failed, deepening an energy crisis tied to fuel shortages and U.S. sanctions.
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