84% of the crude oil that passes through the Strait of Hormuz is destined for markets in China, India, and South Korea, among other Asian countries. China also buys more than 90% of Iran's oil exports, and around 53% of India's imported oil in early 2025 came from Middle Eastern suppliers. Meanwhile, Europe faces a second large disruption in the energy market over the last decade, after previous complications stemming from the Russian invasion of Ukraine.
Read MoreBeginning on December 28th, 2025, millions of Iranians gathered nationwide to protest the Islamic Republic government amid the country’s deepest economic crisis in modern history, marked by currency collapse, inflation, and widespread loss of public confidence. In response, the Iranian government imposed a near-total internet blackout and carried out a violent crackdown that left thousands dead or detained, signaling a deliberate turn to mass repression to preserve regime control.
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