Hormuz blockade hits fuel prices

The 'double blockade' of the world's most important oil chokepoint is causing an unprecedented energy crisis for the transport sector.

United Airlines and WestJet are among the first major carriers to announce significant fee increases, with some ticket prices expected to rise by as much as 20%.

European airlines have been hit particularly hard, with over 30 carriers already trimming their summer schedules due to fuel shortages.

While some analysts believe the market impact is being overblown, the persistent volatility has left both travelers and businesses in a state of 'economic purgatory' as they wait for a diplomatic resolution.