Dhaka, March 5 -- Bangladesh's economy faces a significant risk of sudden uncertainty if the conflict in the Middle East expands further, economist Professor Selim Raihan has warned.

In a Facebook post on Wednesday, Raihan said the situation became more alarming after Iran on Monday declared the closure of the Strait of Hormuz, triggering sharp volatility in the global energy market.

"Tehran has reportedly warned that its Revolutionary Guard and navy would take strict action against any vessel attempting to cross the strategic waterway."

He said that a substantial share of the world's crude oil and liquefied natural gas (LNG) shipments pass through the Strait of Hormuz.

"Any disruption to shipping along this route could cause major in...