Business World Politics

Global energy crisis worsens

Global energy crisis worsens

The closure of the Strait of Hormuz has trapped approximately one-fifth of the world's oil and liquefied natural gas supplies, driving costs to unprecedented levels.

France has launched an emergency loan program to assist small businesses struggling with energy costs, while Senegal has banned non-essential foreign travel for officials.

In the UK, retail experts warn of potential diesel shortages as Easter travel demand peaks.

The economic fallout is being felt globally, with shipping routes disrupted and fertilizer prices inflating in nations like Nigeria.