Greece Warns Strait of Hormuz Closure Could Trigger Economic Fallout

(MENAFN) Media reported on Friday that Greece's Shipping Minister, Vassilis Kikilias, issued a stark warning about the potential economic fallout if mounting tensions between Iran and Israel lead to the closure of the Strait of Hormuz.

Kikilias emphasized that such a move by Iran would have wide-reaching consequences. “If the Strait of Hormuz is closed – which is the worst-case scenario – it will affect the entire global economy, not just shipping,” he stated.

He highlighted the world’s dependence on sea trade, pointing out that roughly 90% of international goods are transported via maritime routes. If vessels are forced to detour around the African continent to access key markets in Europe and North America, it could cause significant disruptions to global supply chains.

Describing the current geopolitical situation as “very volatile,” Kikilias noted that recent tensions have already triggered a surge in oil prices, with costs climbing between 7% and 10% over the past few days.

The recent escalation began last Friday when Israeli forces carried out airstrikes targeting multiple sites in Iran, including military and nuclear locations. Iran retaliated swiftly with a series of missile attacks.

According to Israeli officials, these attacks have resulted in at least 25 fatalities and have left hundreds injured. Reports from Iran indicate that the death toll there has reached at least 639, with more than 1,300 people wounded.

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