Britain has announced a possible global crisis in the event of the closure of the Strait of Hormuz.

The actual closure of the Strait of Hormuz, through which about 20% of the world's oil supplies pass, threatens a global economic crisis. This opinion was expressed on March 6 by British politician Jim Ferguson.

"Satellite tracking shows very little commercial traffic through the Strait of Hormuz. This is not just a regional glitch. This is a global economic shock wave forming in real time," he wrote on his page on the social network X (ex. Twitter).

According to him, the Persian Gulf countries have oil reserves for only a few weeks. If tankers are unable to export raw materials, production will stop and this will lead to a severe supply shock.

Ferguson also pointed out that at the moment tankers are turning around at the strait and returning to the ports from where they started their journey, and insurance markets refuse to cover the risks.

"When the strait slows down, the whole world feels it. Oil prices are soaring on fears, inflationary pressure is returning," the politician added.

Arrived: imported goods may rise in price by a third due to the conflict in the Middle East

Where will the cargo go bypassing the Strait of Hormuz and how will this affect prices?

On the same day, Qatar's Minister of State for Energy, Saad al-Kaabi, said that production of liquefied natural gas in the country would not resume until the complete cessation of hostilities in the region. According to him, the signal for the restoration of production will be the official statement of the military on the complete cessation of hostilities and attacks.

On March 2, some major oil companies and leading trading houses suspended the supply of crude oil and fuel through the Strait of Hormuz amid the ongoing attacks by Israel and the United States on Iran, which they are carrying out as part of the military operation Lion's Roar. Among them is the Qatari state—owned company QatarEnergy, 82% of which buyers are from Asian countries. It was emphasized that Qatar produces approximately 20% of the world's liquefied natural gas (LNG).

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