Global stock markets fell as oil prices hit $120 per barrel following the closure of the Strait of Hormuz by Iran during the conflict.The Group of Seven is considering releasing strategic reserves to mitigate recession risks as US gas prices approach four dollars per gallon.Wall Street indices dropped over one percent as investors weighed the impact of energy costs on inflation and future EU policies.Logistics disruptions in the Persian Gulf have blocked over one hundred vessels increasing transportation and air freight costs worldwide.