Hormuz Closure Looms Over UK Economy with Recession Threat

The Strait of Hormuz closure has put the UK economy in peril, threatening a recession and 6.4% inflation by 2027, according to an EY economic report.

The report warns that the ongoing US-Iran war is causing an unprecedented vulnerability for Western supply chains, putting pressure on global energy markets.

With one-fifth of the world's daily oil and liquid natural gas consumption passing through the Strait of Hormuz, its closure has sent shockwaves through international trade.