Britain’s economy is likely to contract in 2027 if shipping through the Strait of Hormuz does not resume before the middle of next year, EY forecasters warned on Monday. Their assessment links the prolonged closure of the strategic waterway to a possible recession in the United Kingdom. The warning focuses on the economic consequences of shipping being unable to return through the strait.
Iranian Foreign Minister Abbas Araghchi said talks between Iran and Oman concerning the Strait of Hormuz are nearing completion. He noted that progress has been made in the negotiations. The discussions remain focused on the strait and involve the two countries. No further details were provided about the substance of the progress or the expected conclusion.























