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Hormuz events have tipped the global economy into crisis, Turkey's foreign minister says

9/13/2026

Crisis is the word Turkey's Foreign Minister now applies to the regional and global economy, attributed directly to events at the Strait of Hormuz.

The assessment names both a geography and a condition, with no distinction between regional damage and global.

The Strait of Hormuz is the neck of the Persian Gulf, the channel through which the bulk of the world's seaborne oil and liquefied natural gas moves toward Asian and European buyers.

When it becomes the site of disruptive events, the effect is not contained at the water's edge. Freight rates and insurance spreads move globally.