Why hasn't the global economy completely collapsed?
The global economy has not collapsed amid ongoing tensions in the Strait of Hormuz, with oil prices stabilizing around $70 per barrel. China cut its crude imports by 40 percent, easing market pressures, while countries diversified their oil sources. The rapid adjustments have mitigated the expected severe impacts from the region's instability.
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Summary by OZbrief Editorial · ABC News – Top stories · Source
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Published 26 Jun 2026, 19:00 UTC · Updated 26 Jun 2026, 19:10 UTC
Summary by OZbrief Editorial. Original report: ABC News – Top stories. Editorial policy · Corrections
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