Hormuz Strait Crisis: Europe in Energy Shock, Trump Proposes Military Convoys

The situation in the Hormuz Strait has reached a critical point. Iran has tightened naval control over the strategic waterway while major maritime insurers have suspended coverage for ships passing through the region. As tanker traffic collapses and energy markets surge, Europe faces the prospect of a severe supply shock while Donald Trump attempts to aggressively calm the markets. Iran and Insurers Effectively Close the Hormuz Strait The waters around the Hormuz Strait currently remain under the full control of Iran's navy. A queue of roughly 150 oil tankers and LNG carriers has formed near the passage, highlighting the growing disruption to global energy trade. If the situation continues for several weeks, analysts warn that the consequences could extend far beyond rising fuel prices. Natural gas prices could double, while gasoline and diesel costs may increase by at least 20 percent.