Fuel crisis triggers global economic fears

In Australia, more than 50 tankers are reportedly en route to shore up supplies, yet industry experts warn this may not last a month.

The crisis is forcing some farmers to consider abandoning harvests due to debilitating freight costs.

Global airlines, including United and JetBlue, have hiked baggage fees, citing an 80% jump in jet fuel expenses.

Financial analysts warn that the prolonged closure of the Strait of Hormuz could lead to fuel rationing in Europe and further market volatility.