Kingdom announces sharp rise in budget shortfall amid the effective closure of the Strait of Hormuz. Saudi Arabia has posted a sharp rise in its budget deficit amid declining oil revenues due to the effective closure of the Strait of Hormuz. The kingdom’s budget shortfall widened to 125.7 billion riyals ($33.5bn) in the first three months of the year as rising government spending coincided with a fall in crude sales, according to the latest budget figures released by the Saudi Ministry of Finance on Tuesday. Recommended Stories list of 4 items list 1 of 4 Shopping centre fire kills at least eight people in Iran list 2 of 4 Australian women with alleged ISIL ties returning from Syria, minister says list 3 of 4 ‘A stress test’: US-Germany rift widens as Iran war drags on list 4 of 4 Infantino links World Cup ticket pricing to US sport market and resale laws end of list Total government spending rose 20 percent to 386.7 billion riyals year-on-year, while oil revenues fell 3 percent to 144.7 billion riyals,…