SCMP Business EN

UK says Russia, Iran trying to ‘hijack global economy’ amid Hormuz blockade

UK Foreign Secretary Yvette Cooper has accused Russia and Iran of attempting to “hijack the global economy” as Tehran continued to blockade a major oil shipping route. Iran’s new supreme leader has vowed to continue attacking shipping in the Strait of Hormuz in retaliation for ongoing US-Israeli strikes on his country. The blockade has seen oil prices jump to around US$100 per barrel, threatening higher inflation across the globe. Speaking to the media during a visit to Saudi Arabia, the UK...

Mar 13, 2026 &03571313202631; 10:57 UTC www.scmp.com Trending 5/5

Read original on www.scmp.com ↗

↘

Negative for markets

Sentiment score: -75/100

High impact Immediate effect (hours)

WHAT THIS MEANS

Iran's blockade of the Strait of Hormuz and threats to continue attacking shipping have driven oil prices to ~$100/barrel, creating significant inflationary pressure globally. The UK has accused Russia and Iran of attempting to destabilize the global economy, signaling escalating geopolitical tensions in a critical energy chokepoint.

AI CONFIDENCE

85% Very high

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

↑

Oil (WTI Crude)

CL=FCommodity

Expected to rise

Strait of Hormuz blockade by Iran pushing crude oil prices toward $100/barrel amid supply disruption concerns

↓

S&P 500

^GSPCIndex

Expected to decline

Higher oil prices threaten increased inflation and reduced corporate profit margins globally

↓

Euro Stoxx 50

^STOXX50EIndex

Expected to decline

European equities pressured by energy cost inflation and geopolitical risk premium

⇅

Euro / US Dollar

EURUSDCurrency

High volatility expected

Energy crisis and inflation concerns create currency volatility; safe-haven demand may support USD

↑

10-Year Treasury Yield

^TNXBond

Expected to rise

Inflation expectations rising due to oil supply disruption, pushing bond yields higher

↑

Gold Futures

GC=FCommodity

Expected to rise

Geopolitical tensions and inflation concerns drive safe-haven demand for gold

PRICE HISTORY

Loading chart...

⚡ SUGGESTED ACTION

Reduce equity exposure and rotate toward defensive sectors and commodities. Increase energy hedges and consider long positions in crude oil and gold. Monitor for further escalation that could trigger $110+ oil and broader market correction.

KEY SIGNALS

Critical energy chokepoint under threat - 20-30% of global oil passes through Strait of HormuzOil at $100/barrel level signals stagflation riskEscalating Iran-US-Israel military tensionsGeopolitical risk premium expandingInflation expectations rising sharply

SECTORS INVOLVED

EnergyTransportationUtilitiesFinancialsConsumer Discretionary

Analysis generated on Mar 16, 2026 at 14:51 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by SCMP Business. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

UK says Russia, Iran trying to ‘hijack global economy’ amid Hormuz blockade

RELATED INTELLIGENCE