Tensions in the Middle East continue to intensify as Iranian officials warn that the ongoing conflict could devastate the global economy. Leaders within Iran’s Islamic Revolutionary Guard Corps have declared that the country is prepared for a prolonged confrontation and may keep the Strait of Hormuz closed to hostile nations. The narrow waterway is one of the world’s most critical energy corridors, with roughly 20 percent of global oil supplies passing through it each day. Iranian officials have suggested that continued pressure from the United States and Israel could trigger severe disruptions to global energy markets.

The impact is already being felt. Oil prices have surged dramatically since the outbreak of the conflict, with Brent crude climbing above $100 per barrel and energy markets experiencing the largest disruption in global oil supply in modern history. Reports of attacks on oil vessels in the region and threats to shipping lanes have further rattled global markets. In response, international agencies have begun releasing massive quantities of emergency oil reserves in an attempt to stabilize prices, but analysts warn that prolonged instability in the Persian Gulf could send economic shockwaves across the world.

SOURCE: Futurism