Strait of Hormuz energy crisis

Global energy markets are in turmoil as Iran maintains its de facto control over the Strait of Hormuz, a choke point for 20% of the world's oil.

Countries ranging from Nepal to France are reporting severe fuel shortages, leading to flight cancellations and restricted industrial activity.

While OPEC+ agreed to raise output quotas by 206,000 barrels per day, the move is largely viewed as insufficient while major shipping lanes remain blocked.

The crisis is also impacting food supply chains as transportation costs skyrocket across Europe and Asia.