‘A bite is still to be felt’: Iran’s Hormuz blockade threatens further economic pain

News24 Defence Analyst Peter Jennings warns the economic consequences of oil failing to flow through the Strait of Hormuz have yet to fully hit. “I think as oil continues not to flow through the Straits of Hormuz, the downstream economic consequences are still to be felt,” Mr Jennings told News24 host Sharri Markson. “We’ve been cushioned in the first phase of the war by the Japanese and the Chinese drawing down their existing oil reserves. “There is a bite which is still to be felt. “I think the Iranians are out to make absolutely certain that there will not be a resolution this side of the midterm elections in the United States.”