Hormuz blockade triggers energy crisis

The blockade has forced countries like Pakistan to raise fuel prices by an unprecedented 50%, leading to widespread panic buying and economic instability.

In response, the US has doubled its reinsurance guarantees to $40 billion to encourage ships to brave the passage.

While some tankers have been allowed through under a new Iranian toll system, thousands of sailors remain stranded at sea.

The crisis is pushing several Southeast Asian nations back toward coal power, threatening global climate goals.

European leaders are now weighing the possibility of fuel rationing as supplies of refined products dwindle.