Iran–US Tensions Push Oil Markets Toward Global Recession Fears

Global crude oil markets are facing major uncertainty amid rising Iran–US tensions and concerns over a possible closure of the Strait of Hormuz. According to analytics firm Wood Mackenzie, oil prices could surge up to $200 per barrel if the situation worsens, potentially triggering a global economic recession.

The disruption has already affected global energy supply chains, with nearly 11 million barrels of crude oil shipments and a significant portion of LNG supply under pressure. Experts warn that prolonged closure of the route could lead to inflation, higher interest rates, and a slowdown in global growth. While short-term resolution could stabilize prices, extended disruption may push the world toward a mild recession similar to past global financial crises.