Think tank warns of global oil crisis over Hormuz

The Atlantic Council think tank has warned that the closure of the Strait of Hormuz presents the world with a critical choice: implement oil rationing now or face severe economic consequences. This disruption is now directly impacting global supply chains, with major Canadian food distributors implementing fuel surcharges on deliveries due to the rising transportation costs. Smaller independent grocers are reportedly facing harder impacts than larger retail chains, and the surcharges are compounding existing grocery inflation, putting further pressure on household budgets. Distribution networks across Canada are adjusting their pricing models amid the volatile energy market.