Iran blocks Strait of Hormuz, causing global oil price surge

Iran has largely halted oil and gas exports by shutting down the Strait of Hormuz, a critical waterway for global energy transit. Iran claims control of the strait, and attacks have paralyzed shipping there.

This blockade has caused oil prices to make record weekly gains. Diesel prices in Germany have topped $2.33 per liter, and gas prices in Europe have risen sharply. The shutdown has raised fears of soaring oil prices globally, with Asian oil refiners potentially cutting production rates. Countries like Thailand are among the hardest hit in Asia, and Pakistan is rerouting its oil supply due to the crisis.

The strait remains shut, escalating the crisis. The situation is impacting global markets and energy supplies, with significant consequences for fuel prices worldwide.