“This is a serious warning,” Iran’s Revolutionary Guard said after firing on a U.S. warship. Now, the Strait of Hormuz, one of the world’s most vital oil chokepoints, has been shut.
A significant share of global energy passes through this narrow route and there’s growing concern the U.S. has no quick way to reopen it. Despite claims from President Trump that the U.S. doesn’t depend on the Strait, rising fuel prices and inflation suggest otherwise.
As oil is traded globally, the impact is being felt worldwide. The White House has promised relief once the Strait reopens but experts warn the economic fallout could last months.
Some are even warning of worst-case scenarios - from recession to food insecurity. So how bad could this get?
Piers Morgan is joined by panellists economics professor and commentator, Steve Keen, former economics adviser to President Trump, Steve Moore and game theorist known as 'Professor Jiang', Jiang Xueqin, to discuss all of this and more.
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