Athens, MINA – The Greek Minister of Maritime Affairs and Insular Policy, Vassilis Kikilias, has warned that the closing of the Strait of Hormuz, feared to trigger armed tensions between Iran and Israel, would have a significant impact on the global economy.
Kikilias noted the serious global economic implications if Iran were to shut down the vital waterway, as reported by Anadolu on Sunday.
“If the Strait of Hormuz is closed, which is the worst-case scenario, it will affect the entire global economy, not just shipping,” he told SKAI TV.
“Almost 90% of global trade depends on sea routes, and diverting ships around Africa to reach major destinations in Europe and the US would severely disrupt global supply chains,” Kikilias explained.
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Calling the current geopolitical landscape “extremely unstable,” he warned that oil prices have already risen by 7%–10% in recent days due to the armed tensions between Iran and Israel.
Hostilities erupted last Friday when Israel launched air strikes on several locations in Iran, including military and nuclear facilities, prompting Tehran to launch retaliatory attacks.
Israeli authorities have stated that at least 25 people have been killed and hundreds more injured since then as a result of Iranian missile attacks.
The death toll in Iran has reportedly risen to at least 639, with more than 1,300 people injured. [Shibgho]
Also Read: Iran’s Parliament Approves Closing Strait of Hormuz After US Strikes
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