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The Economic Times

Business / The Economic Times

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Iran war's energy impact forces world to pay up, cut consumption

The closure of the Strait of Hormuz has halted 20% of global oil and LNG supply, triggering a severe energy crisis. Strikes on infrastructure have caused widespread damage, leading to a 50% surge in oil prices and threatening global food security due to fertilizer shortages.

21 Mar 2026 2:32 pm