00:00Oil prices are exploding again, and one tiny waterway is shaking the entire world.
00:05The Strait of Hormuz, the route for nearly 20% of global oil shipments,
00:10has now remained shut for more than 70 days.
00:13And things just got worse after Donald Trump rejected Iran's latest peace proposal,
00:18calling it totally unacceptable.
00:20That single statement sent global oil markets into panic mode almost instantly.
00:26Brent crude jumped above $100 a barrel again.
00:29Stock markets turned nervous, and fears of a worldwide fuel crisis came roaring back.
00:34Why does this matter so much?
00:36Because countries across Asia and Europe depend heavily on oil
00:40passing through this narrow sea route between Iran and Oman.
00:44If the blockade continues, fuel prices, shipping costs, airline tickets,
00:49and even food prices could rise worldwide.
00:52Analysts are now warning this could become the biggest global energy shock
00:55since the 1970s oil crisis.
00:57And with tensions still rising in the Middle East,
01:01the world is watching one question very closely.
01:04Will diplomacy reopen the Strait of Hormuz?
01:07Or is the global economy heading into a much bigger crisis?
01:10also known as the global economy heading to a goalie-ряд.
01:10the Strait of Hormuz?
01:10For a lot of international oppose the provocation ofung toward the visit,
01:11we can take you and continue to a better country somewhere and into a better country.
Comments