World · 1 March 2026
Iran's Strait block: Why Europe's energy costs are soaring.
Following US-Israeli military strikes on Iran, the IRGC has instructed ships to avoid the Strait of Hormuz, threatening roughly 20% of global daily oil supply. With Houthis in Yemen signalling renewed Red Sea attacks, both critical shipping corridors are under threat. Oil majors have suspended tanker shipments, and insurance premiums have surged 50%. While the US remains largely energy self-sufficient, Europe — heavily reliant on Gulf oil imports — faces soaring energy costs and potential inflation if the conflict persists.
Reported by Al Jazeera · How we write briefs