Global economy faces slowdown as Hormuz tensions threaten oil supplies
The head of the International Monetary Fund has warned that if conflict in the Strait of Hormuz continues into 2027, global growth is likely to slow whilst inflation rises.The World Bank projects energy prices could surge 24% this year, with commodity prices set to rise by 16%.
Asia has taken the first hit, relying on 85% of Middle Eastern crude oil, whilst in Somalia, 6.5 million people face acute hunger with aid shipments stuck in the strait.
The poorest people, who spend the highest share of their income on food and fuel, will be hit the hardest.
Al Jazeera's Laura Khan explains.
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