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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Nigeria has submitted a formal bid to host a Formula 1 Grand Prix, in what officials are calling a landmark effort to place the country on the global motorsport map.
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Elon Musk’s satellite internet service Starlink faced a rare global outage on Thursday, affecting tens of thousands of users and prompting a swift response from Elon Musk’s SpaceX.
The International Criminal Court (ICC) has sentenced two former Anti-Balaka militia leaders from the Central African Republic to lengthy prison terms for war crimes and crimes against humanity.
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Nigeria has submitted a formal bid to host a Formula 1 Grand Prix, in what officials are calling a landmark effort to place the country on the global motorsport map.
The International Criminal Court (ICC) has sentenced two former Anti-Balaka militia leaders from the Central African Republic to lengthy prison terms for war crimes and crimes against humanity.
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An Indian company shipped $1.4 million worth of military-grade explosives to Russia late last year, according to Indian customs data obtained by Reuters — despite repeated U.S. warnings that supplying Russia’s war effort in Ukraine could trigger sanctions.
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