What happened
THE world is facing economic collapse similar to the 2008 crash if the closure of the Strait of Hormuz continues until August, according to new analysis.The report by Rapidan Energy Group (REG) published on Thursday says that if the strait reopens in July, it expects to see “an average oil demand reduction of 2.6 million barrels a day and the spot-market price for benchmark Brent crude peaking near $130 (£96) a barrel over the summer.”
Why it matters
AtlasHour context: this story may affect public policy, global affairs, business confidence, technology direction, energy security, or civic life.
Global context
The story is being tracked through Crude Oil.
Who is affected
Crude Oil
What to watch next
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The consequence layer
AtlasHour context: this story may affect public policy, global affairs, business confidence, technology direction, energy security, or civic life.
What To Watch Next
Three facts to keep in view
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