The escalation of geopolitical tensions in the Middle East region is increasing risks for global energy and cryptocurrency markets, especially in light of recent US airstrikes on Iranian nuclear facilities.
Situation in the Strait of Hormuz
Following US airstrikes on Iranian nuclear facilities, the likelihood of Iran closing the Strait of Hormuz to maritime traffic is increasing. This strait is a key route for oil transportation, and any closure could lead to economic repercussions for international markets.
Impact on Energy Markets
According to the Middle East Forum, approximately 20 million barrels of oil pass through the Strait of Hormuz daily, equating to 20% of global oil consumption. JPMorgan analysts predict that if the strait is closed, crude oil prices could reach between 120 to 130 dollars per barrel, significantly raising energy costs for importing countries.
Consequences for Cryptocurrencies
The surge in energy prices, combined with ongoing trade disputes, may lead to an economic environment characterized by recession and high inflation. Such conditions could exert significant downward pressure on financial assets, particularly cryptocurrencies.
The potential closure of the Strait of Hormuz raises issues like price volatility in energy markets, changes in trade routes, and global economic instability. Oil-dependent countries and markets must consider these risks while adjusting their supply chains and financial strategies.
