On top of the Russian/Ukraine conflict, and Trumps policy on tariffs, as well as the loss of the EU market due to Brexit, it could have a vastly negative effect on our ailing economy.
'This has stoked speculation that Iran’s leadership may reach for another way to pressure its enemies to relent – blocking or effectively closing the Strait of Hormuz to shipping.
This narrow waterway at the mouth of the Persian Gulf handles around a quarter of the world’s oil trade.
So if Iran were able to deny access to the giant tankers that ferry oil and gas to China, Europe and other major energy consuming regions, it would send oil prices shooting higher and potentially destabilise the global economy.
Iran has targeted merchant ships traversing the choke point in the past, and has even threatened to block the strait.
The UK issued a rare warning to mariners days before Israel began bombarding Iran, saying increased tensions in the region could impact shipping, while Frontline, one of the world’s largest oil-tanker operators, said it would be more cautious about offering its vessels to haul cargoes from the Persian Gulf. '