The NewsmakersTraffic through the Strait of Hormuz has shown signs of recovery since the US and Iran signed a Memorandum of Understanding (MoU) aimed at ending the war last week. Under the agreement, both sides committed to reaching a final peace deal within 60 days. However, on Saturday, Iran said it had shut down the key waterway in response to Israel’s continued assault on Lebanon.
The economic consequences of the Hormuz crisis continue to send shockwaves through global markets and disrupt energy supplies. Economists warn that the damage will not disappear once the strait fully reopens. Instead, the crisis could have long-term effects that may continue for years and increase the risk of a global economic downturn.
Guests:
Steve Keen
Author of ‘Debunking Economics’
Cornelia Meyer
Economist
Adam Michel
Tax Policy Studies Director at the Cato Institute
