Perhaps the most prominent global economic transformations over the past 100 years can be listed narratively, with each interested specialist having a different vision, but from my point of view, the most important were as 'economic transformations': the Great Depression of 1929, the largest financial collapse in modern times, the fall of stock exchanges and the beginning of government intervention in the economy, and the emergence of Keynesian policies (1883-1946) and fiscal stimulus; the second event was World War II (1939-1945), which led to the reconstruction of Europe and Japan, the establishment of the Bretton Woods system (which laid the foundations of the global economy after World War II) and the beginning of the rise of the United States as the largest economic power; the third event, the 'Oil Age', during which oil prices multiplied with the embargo imposed during the period (1973-1980), formed a new phase for oil prices, with its price multiplying several times and the emergence of high inflation with recession—'stagflation'—and the importance of Gulf countries emerged as the largest oil exporters with important reserves, from which a quarter of global oil production comes; the fourth event, the 'End of the Gold Standard' in 1971, which was the decoupling of the dollar from gold and the transition to fiat currencies, and the massive expansion of monetary and credit policies; the fifth event, the rise of China since 2000, which became the greatest driver of transformation in the global economy and a change in global economic balances; the sixth event, the global financial crisis of 2008 and the subsequent collapse of the financial system in America, the bank bailouts, massive quantitative easing, near-zero interest rates to stimulate the economy, and major bankruptcies especially in the United States; the seventh event, the coronavirus pandemic, which many lived through and know, and its impact on the global economy and logistics, the largest fiscal and monetary stimulus packages in history, and a change in the concept of global trade—after the pandemic, the world is no longer the same due to inflation and its continuation and economic slowdown; the eighth event, the Russian-Ukrainian war and the resulting energy crisis, price hikes, and redrawing of Europe's map as it works to phase out Russian gas especially, and the acceleration of the concept of economic security and supply chain restructuring; the ninth event today is the witnessed artificial intelligence revolution, which now permeates all economies and private and public life affairs, its impact on productivity and reshaping the labor market, and the US-China-Taiwan chip race.

The question now... Does the 'Hormuz Strait crisis' between 'opening and closing' and the American confirmation of opening versus the Iranian confirmation of closing become the event or one of the most important influential economic events in the world over the past 100 years? And what is expected to change or cause in the future?.. Yes, in my personal estimation, the Strait of Hormuz today will be an important event that changes the world's economic map. To be more precise, the importance of the strait is that one-fifth of global trade exits the Gulf. A quarter of the world's oil exits through it, approximately 17 to 18 million barrels per day, which equates to 20% of today's world oil and an increasing percentage, and 25% of seaborne oil. Gas is more sensitive than oil; no gas pipelines transport it, so it is exported as liquefied natural gas (LNG): 20% of LNG passes through Hormuz. As for petrochemicals, Gulf countries are among the largest globally; they export a quarter of the world's exports of polyethylene and polypropylene, 35% of urea, 47% of sulfur, 26% of diammonium phosphate, 24% of ammonia exports, and others. The world today suffers from a major disruption, sometimes reaching a complete halt in exports. This has changed and will change the world's energy map, with a shift of investments into pipelines and alternative ports (and this comes at a cost), as well as a major impact on supply chains in the search for greater flexibility. The Gulf must be fully secure to ensure global energy security at prices affordable to consumers and countries. Otherwise, there will be a large escalating cost that consumer countries cannot bear, especially in light of economic weakness and persistent inflation. The Hormuz event is not temporary or transient. Even if Hormuz returns to normal, there will be security concerns, especially from a hostile state like Iran, with which no guarantees exist except through sustainable alternatives, even if costly. Otherwise, the world will face a high energy cost that will result in recession and economic slowdown in the long term. Gulf oil is the most sustainable in the future and the least costly compared to others. The world today faces a new economic test system that carries the cost of Gulf oil, which faces a major cost challenge. Perhaps the Kingdom of Saudi Arabia is the least affected in this regard due to the East-West pipeline, and in the future, it could be expanded to transport Saudi oil. This is a major advantage for the Kingdom in particular, but Hormuz has raised costs and created a global crisis.