Global oil and gas prices have skyrocketed as war halts energy exports from the Middle East. The strait of Hormuz, a narrow passage of water that facilitates the shipping of about a fifth of the world’s oil, has been in effect closed since the regional war began, prompting fears of a global economic crisis. According to reports, traffic has dropped by about 80%, but how long until we feel the effects? Nosheen Iqbal speaks to the Guardian’s head of business, John Collingridge – watch on YouTube
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Still, China is treading carefully because one of the biggest calculations for them is the mercurial US president, who is due to arrive for a much-awaited meeting later this month.
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