WATCH: ‘HORMUZ CRISIS FAR FROM OVER’, Singapore PM Warns Of Global Energy Crisis

Singapore Prime Minister Lawrence Wong warned that the global energy crisis triggered by tensions around the Strait of Hormuz is “far from over,” cautioning that even if the key oil route reopens, the world economy could continue facing severe inflation, supply shortages and recession risks. Speaking during a May Day address, Wong said disruptions caused by the Middle East conflict, rising shipping risks and damaged energy infrastructure may take months to stabilize, while Asia remains especially vulnerable due to heavy dependence on Gulf oil supplies. The Singapore PM compared the current crisis to the oil shocks of the 1970s and warned that stagflation risks are rising globally as fuel, food and transport costs surge amid escalating geopolitical tensions involving Iran and the United States. #hormuzcrisis, #oilcrisis, #globalenergycrisis, #lawrencewong, #singaporepm, #iran, #usa, #middleeastwar, #oilprices, #inflation, #stagflation, #globalrecession, #worldnews, #breakingnews, #straitofhormuz, #energycrisis, #geopolitics, #fuelshortage, #globaleconomy, #iranusconflict Moneycontrol is India’s leading financial portal, offering market news, expert analysis, and powerful tools. A part of Network18, moneycontrol.com is India’s most trusted destination for financial and business news. #live #livenews #latestnews #topnews #moneycontrol #moneycontrollive #businessnews #businessnewslive #stockmarket #stockmarket #sharemarketnews #stockmarketliveupdates Subscribe: https://bit.ly/moneycontrolyoutube Follow us: Visit https://www.moneycontrol.com/ Facebook: /moneycontrol Twitter: /moneycontrolcom Instagram: /moneycontrolcom