CNBC reported that oil experts are warning of the economic fallout of the Strait of Hormuz not being reopened in the next one to three weeks.
With rising gas and oil prices, along with other items like aluminum and nitrogen fertilizer already affecting consumers, the experts warn it could get much worse.
It is expected that moves like releasing oil reserves will lose effectiveness in April, and that energy prices will increase even more.
About 20% of the world’s oil travels through the strait.
Oil prices have sat at or just above $100 a barrel since the war started, with Iran closing the strait and attacking energy production sites.
