Kingston, Jamaica — 13 March 2026
The escalating conflict involving Iran and the disruption of oil shipments through the Strait of Hormuz are raising new concerns among economists that a global recession could be triggered by a sudden spike in energy prices, a development that could ripple through economies worldwide, including Jamaica.
The Strait of Hormuz — a narrow shipping corridor through which roughly one-fifth of the world’s oil supply normally passes — has become a focal point of concern after conflict in the region disrupted tanker movements and pushed crude oil prices sharply higher. Some analysts warn that if the disruption persists, oil prices could climb to between US$150 and US$200 per barrel, levels not seen in modern markets.
While global markets have experienced geopolitical shocks before, economists say the scale of this potential supply disruption is unusually large, raising the risk of higher inflation, slower economic growth and pressure on household spending across …
