UN Secretary General Antonio Guterres warned Thursday that restrictions on shipping through the Strait of Hormuz are "strangling the global economy" and could push the world toward recession if not reversed quickly. The strait is a critical chokepoint for global flows of oil, gas, and fertiliser. Guterres attributed the disruptions to Iranian attacks and threats and a US blockade of Iranian ports. Even a best-case resolution would still slow global growth from 3.4% to 3.1%, push inflation to 4.4%, and sharply reduce trade. If disruptions continue through midyear, 32 million people could fall into poverty and 45 million more could face extreme hunger as fertiliser shortages reduce crop yields. A worst-case scenario, disruptions lasting through year-end, risks a full global recession. Guterres stressed the damage compounds non-linearly: "These consequences are not cumulative. They are exponential." Even if shipping resumes today, supply chains could take months to stabilise, keeping prices elevated and output depressed. Guterres called on all parties to restore navigational rights immediately and flagged ongoing US-Iran diplomatic talks as the key variable to watch.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
Venezuela's twin earthquakes, magnitudes 7.2 and 7.5, have killed at least 164 people and injured 971, interim president Delcy Rodriguez confirmed Thursday. The quakes are the country's strongest since 1900, collapsing buildings across Caracas and prompting a state of emergency, with the death toll expected to rise as
