Global economic impact and military tensions following Strait of Hormuz closure

The conflict between the United States and Iran, which began on February 28 following U.S.-Israeli airstrikes, continues to impact the global economy. The Strait of Hormuz remains closed, blocking approximately 20% of global oil and gas supplies. While a ceasefire was declared on April 8 after 40 days of fighting, negotiations have stalled. The U.S. is now considering an international coalition and a long-term naval blockade of Iranian ports as a strategy to pressure Tehran. Consequently, Brent crude prices surged to between $119 and $125 per barrel, reaching levels not seen since March 2022. Thousands of lives have been lost in Iran and Lebanon during the course of the conflict. President Donald Trump is scheduled to receive a briefing on potential further military strikes. Meanwhile, Iranian officials reject these measures as destabilizing, and analysts warn of a prolonged economic stalemate.