Oil markets are on edge as tensions with Iran escalate and the Strait of Hormuz remains largely blocked, pushing crude prices above $110 per barrel and raising fears of a global economic shock led by surging energy and food costs The global oil and gas crisis triggered by the blockade of the Strait of Hormuz is “more serious than the ones in 1973, 1979 and 2022 combined,” International Energy Agency Executive Director Fatih Birol said in an interview with the French newspaper... [974 chars]
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