Global oil shock intensifies

The effective closure of the world's most vital energy shipping lane has left millions of barrels of crude and liquefied natural gas stranded.

Countries in Asia, particularly India and Thailand, are seeing inflation spike as fuel and fertilizer costs skyrocket.

JPMorgan CEO Jamie Dimon warned that the commodity price shocks could keep interest rates higher for much longer than markets currently anticipate.

Meanwhile, nations like Australia and Brazil are considering fuel rationing and emergency subsidies to shield consumers from the economic fallout.