Report: Disruption of Mideast energy supplies into next year would slam global economy

The OECD warns that prolonged energy supply disruptions from the Middle East due to the Iran war could severely impact the global economy, with Asian economies and poorer countries facing recession, inflation, and higher unemployment. The report highlights that a 90% reduction in shipping through the Strait of Hormuz has disrupted 20% of global crude oil and gas supplies, slowing growth to 1.8% in 2027 under a prolonged disruption scenario.