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Zack Guzman 🎩
@zguz
NEW: Iran just responded to Trump's bombing raid by approving the closure of the Strait of Hormuz — a chokepoint where 1/5 of the world's oil flows $BTC and $ETH are now tanking, stocks are likely to fall 📉 Here's why closing the Strait could become an economic disaster 🧵
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Zack Guzman 🎩
@zguz
The Strait of Hormuz provides the only sea passage from the Persian Gulf to the open ocean. More than just passage for 1/5 of the world's oil, it also accounts for about 30% of the world's liquified natural gas supply Closing the Strait will have massive economic repercussions
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Zack Guzman 🎩
@zguz
Mainly, when the US is still reeling from a trade war and persistent inflation, an energy shock is the last thing the economy needs The immediate effects would be higher prices. Second order effects mean delayed interest rate cuts from the Fed, and slower growth as a result
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