Kuwait says Strait of Hormuz closure is beyond catastrophic, will trigger domino effect across global economy

Kuwait says Strait of Hormuz closure is beyond catastrophic, will trigger domino effect across global economy

Iran is holding the world economy hostage by blockading the Strait of Hormuz, said Sheikh Nawaf al-Sabah, the CEO of Kuwait Petroleum Corp.

Global Alarm as Iran Moves to Close Key Oil Transit Route

By Suleman Chitera A sudden and dramatic development in the Middle East has sent shockwaves across global markets and governments, after reports indicated that Iran’s parliament has approved a move to close the Strait of Hormuz—one of the most critical النفط transit corridors in the world. The narrow waterway, which links the Persian Gulf to the Arabian Sea, is responsible for transporting nearly a fifth of the world’s oil supply. Every day, doz…

Kuwait oil CEO says Iran is 'holding the world's economy hostage'

Gulf states cut oil production after Iranian attacks