Impact of Iran-Iraq War on Global Economy

The article discusses Iran's impact on the Strait of Hormuz and how Iran's strategies for managing the strait have changed. Iran has shifted from complete control to regulating its use instead of closing it entirely. These changes have strengthened Iran's economic influence, as it continues to target unregistered ships and potentially impose transit fees, which could affect the distribution and costs of global oil exports. Despite the tensions, China has managed to enhance its position in the oil market and has adapted to demand fluctuations. Meanwhile, Gulf countries are considering changes in transportation routes to cope with the repercussions. Global oil demand has significantly decreased, threatening to cause a production peak and posing long-term challenges for the worldwide oil industry.

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