'Tsunami effect': Hormuz blockade impacts global supply chains, developing countries curtail imports

Turning to the impact of the Middle East conflict on oil markets, global prices eased slightly on Friday after surging to a four-year high of over $126 per barrel the previous day, driven by fears that a prolonged war with Iran could worsen supply shortages. In related developments, the United Arab Emirates is set to formally exit OPEC, a move that could disrupt the region’s economic balance. Head of Middle East Energy & OPEC and Insights at KPLER, Amena Bakr, shares her insights.