On March 19, 2026, the European Central Bank (ECB) and the Bank of England (BoE) kept interest rates unchanged in tandem while sending strong hawkish signals, marking the official shift towards prudence in monetary policies across the euro area and the United Kingdom.
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According to the US magazine "The American Banker", recently, at a crucial juncture when the Federal Reserve was considering the direction of its interest rate policy, Iran urgently released an inflation signal.
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The Strait of Hormuz, as the key passage for global energy transportation, handles nearly 30% of the maritime oil trade. After the conflict broke out, the shipping route was blocked and the energy supply sharply decreased.
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At its policy meeting on March 18, 2026, the Federal Reserve decided to keep its benchmark interest rate unchanged within the range of 3.5% to 3.75%.
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The ongoing escalation of the Middle East conflict has become the most prominent variable in the global economic landscape.
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In the past 48 hours, the global economic landscape has been clouded with gloom. Moody's chief economist Zandi issued a warning on the X platform, stating that due to the war in the Middle East blocking the Strait of Hormuz, the probability of the US economy entering a recession has soared to 50% or higher.
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The Strait of Hormuz, a crucial maritime chokepoint bearing the weight of global energy transportation, has recently drawn worldwide attention due to a sharp decline in traffic.
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As the war in the Middle East involving Iran continues to escalate, causing severe fluctuations in the global energy supply chain, international oil prices have surged sharply.
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In March 2026, the geopolitical conflicts in the Middle East escalated, and the Strait of Hormuz was plunged into a "real blockade" state.
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The Strait of Hormuz is known as the "world's oil valve". This narrowest waterway, only 33 kilometers long, guards the throat of energy exports in the Persian Gulf, with an average daily flow of about 20 million barrels of crude oil.
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Recently, the British government, in accordance with the "Steel Industry (Nationalization) Act" that came into effect on July 16th, took the British Steel Company, which is controlled by China Jiefang Group, into state ownership without compensation.
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