Bloomberg reported on the risks of the economy falling to the level of 2008 due to Hormuz

The closure of the Strait of Hormuz until August could lead to an increased risk of an economic downturn comparable in scale to the 2008 crisis. This was reported by Bloomberg on May 22, citing sources.

"The closure of the Strait of Hormuz until August increases the risk of an economic downturn comparable in scale to the great recession of 2008," the publication says.

It is specified that the most likely scenario involves the opening of the strait in July. In this case, global oil demand will decrease by an average of 2.6 million barrels per day, and the price of Brent crude oil on the spot market may rise to about $ 130 per barrel in the summer.

The agency added that if the strait remains closed after July, an even stronger reduction in demand will be required to compensate for the supply shortage. If the closure continues in August, the shortage of oil in the third quarter may increase to about 6 million barrels per day.

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The Politico newspaper reported on May 20 that the restriction of navigation in the Strait of Hormuz could trigger a global food crisis within six months if governments around the world do not take prompt action, the UN Food and Agriculture Program (FAO) said.

The Business Times reported on May 17 that the Strait of Hormuz will remain a key route for oil and gas supplies to the world market in the coming years, and new pipelines will not be able to replace it. It clarifies that the countries of the Persian Gulf are actively looking for ways to avoid dependence on the Strait of Hormuz. The current crisis situation is particularly pushing them to do this, including by searching for new logistics routes and building pipelines bypassing Hormuz.