Punjab Newsline,National :
Iran’s move disrupts global supply chains, 20% oil supply affected, triggering worldwide price surge
The global economy appears to be on the brink of another major crisis. Tensions around the Strait of Hormuz—considered a lifeline for global oil supply—have created significant turmoil in international markets. Iran’s decision to block this crucial maritime route has directly impacted nearly 20% of the world’s oil supply, and its effects are now being felt in the pockets of ordinary people.
The disruption in oil supply has led to a sharp increase in petrol and diesel prices. This has directly raised transportation costs, making everyday essentials, including food items, more expensive. Experts warn that if the situation does not improve soon, inflation could worsen significantly.
Not only fuel, but the supply of essential commodities such as fertilizers, helium, aluminum, and natural gas has also been affected. This is putting pressure on both the agricultural sector and industrial production. Rising costs of raw materials used in medicine manufacturing could also impact the pharmaceutical sector, potentially affecting healthcare services for the general public.
Experts caution that this crisis is not just economic but also strategic and geopolitical in nature. The Strait of Hormuz is one of the world’s busiest and most critical shipping routes, and any disruption here directly impacts global trade.
For now, the world’s attention remains fixed on the region. If tensions do not ease soon, global markets may face further instability, with consequences reaching every country and every household.