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.
Bolivian President-elect Rodrigo Paz was sworn in as the country's new President on Saturday ending almost 20 years of one-party rule....
A tornado accompanied by strong winds and heavy rain struck the southern Brazilian state of Parana, killing six people, the state government said on S...
Peace talks between Afghanistan and Pakistan broke down, although a ceasefire continues between the South Asian neighbours, a Taliban spokesperson sai...
UPS and FedEx have grounded their fleets of McDonnell Douglas MD-11 cargo planes after a deadly crash at UPS's Worldport hub in Louisville, Kentucky, ...
Six people have died with one other injured, after a fire broke out in a perfume warehouse in the Dilovasi district of Türkiye on Saturday....
Bolivian President-elect Rodrigo Paz was sworn in as the country's new President on Saturday ending almost 20 years of one-party rule.
A tornado accompanied by strong winds and heavy rain struck the southern Brazilian state of Parana, killing six people, the state government said on Saturday.
Peace talks between Afghanistan and Pakistan broke down, although a ceasefire continues between the South Asian neighbours, a Taliban spokesperson said on Saturday.
UPS and FedEx have grounded their fleets of McDonnell Douglas MD-11 cargo planes after a deadly crash at UPS's Worldport hub in Louisville, Kentucky, which killed 14 people, including three pilots. The incident is under investigation by the U.S. National Transportation Safety Board (NTSB).
Kendrick Lamar and Lady Gaga lead the 2026 Grammy nominations, while K-Pop enters the Song of the Year category for the first time in the award’s history.
Israel launched airstrikes on southern Lebanon after ordering evacuations, accusing Hezbollah of rebuilding its forces despite a year-old ceasefire, as Lebanon and the United Nations warned of renewed border tensions.
U.S. Senate Republicans have blocked a resolution that would have barred President Donald Trump from launching military action against Venezuela without congressional approval, despite growing concern over recent U.S. strikes in the southern Caribbean.
Despite promises of recovery from the new government, Germany’s economy continues to stagnate, with no signs of renewed momentum. According to the latest report from the German Chamber of Industry and Commerce (DIHK), the country still lacks the drive needed for a genuine economic rebound.
Tesla CEO Elon Musk won shareholder approval on Thursday for the largest corporate pay package in history as investors endorsed his vision of morphing the electric vehicle (EV) maker into an artificial intelligence (AI) and robotics juggernaut.
Bolivian President-elect Rodrigo Paz was sworn in as the country's new President on Saturday ending almost 20 years of one-party rule.
A tornado accompanied by strong winds and heavy rain struck the southern Brazilian state of Parana, killing six people, the state government said on Saturday.
Peace talks between Afghanistan and Pakistan broke down, although a ceasefire continues between the South Asian neighbours, a Taliban spokesperson said on Saturday.
UPS and FedEx have grounded their fleets of McDonnell Douglas MD-11 cargo planes after a deadly crash at UPS's Worldport hub in Louisville, Kentucky, which killed 14 people, including three pilots. The incident is under investigation by the U.S. National Transportation Safety Board (NTSB).
Six people have died with one other injured, after a fire broke out in a perfume warehouse in the Dilovasi district of Türkiye on Saturday.
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