Post by Augustine Chiagozie (@pabloexchange)

Financial Times: the war in Iran could seriously damage the global economy

At least 150 tankers have dropped anchor in open waters, failing to reach the Strait of Hormuz. The tankers are currently in the open sea off the coasts of major oil-producing countries in the Persian Gulf.

In a baseline scenario, the closure of the Strait of Hormuz for 2–3 weeks would lead to oil prices rising to $150–160 per barrel, and by some estimates, up to $200.

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