Senator Omar Fernández warns of economic impact of Israel-Iran conflict on Dominican Republic

Santo Domingo.- Senator Omar Fernández has raised concerns about the potential economic fallout for the Dominican Republic from escalating tensions between Israel and Iran. He warned that a possible closure of the Strait of Hormuz—a key route for about 20% of global oil shipments—could trigger a sharp rise in fuel prices, deeply affecting oil-importing nations like the Dominican Republic.

Fernández emphasized that increased crude prices would lead to higher costs in fuel, transportation, food, and services, further worsening inflation and straining household budgets. He also noted the likely negative impact on the country’s already slowing economic growth and the rising burden of public debt.

While acknowledging long-term solutions like renewable energy and strategic reserves, the senator stressed that only a rapid de-escalation of the conflict could prevent a major economic shock. He called for urgent action to strengthen alternative supply chains and safeguard the well-being of Dominican citizens.