Each week Hormuz stays shut costs Europe 0.1% of GDP

A tanker anchored in Malaysia awaiting a new assignment. Photo: Unsplash.
A tanker anchored in Malaysia awaiting a new assignment. Photo: Unsplash.
Oil prices will have to climb much higher to stabilise global markets as disruptions in the Strait of Hormuz deepen, JPMorgan said. For import-dependent Europe, the risk of slower growth and higher inflation is rising by the day.

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