Renewed conflict in Iran, and the regime’s reprisal attacks across the Middle East, have thrust the strait back to the center of recession fears, as analysts warn that even a partial or prolonged disruption of petroleum supply could shock the world economy into contraction. Now, with the weekend’s attacks, experts are warning that triple-digit crude oil prices could be the least of the world’s concerns. If the strait stays shut down long enough, it could amount to an assured hit for the global economy.
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White House reporter Bernd Debusmann Jr is in Palm Beach, Florida, where President Donald Trump is once again directing US military action.
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