Could the war between the US and Israel and Iran lead to a global recession?

Energy prices are rising sharply as the conflict in Iran disrupts supply routes, with the Strait of Hormuz becoming a focal point. Iran is blocking tankers, affecting nearly 20% of the global oil supply, which is double the disruption experienced during the 1970s energy crisis. This situation poses significant risks for economies in the US, China, and Europe, as rising oil and gas prices are already impacting consumers and businesses worldwide. Economic slowdown is anticipated as inflation concerns grow.

Want More Context? 🔎