Hormuz blockade fuels energy crisis

The U.S.-led war with Iran is having a profound impact on global commerce as the Strait of Hormuz remains effectively closed to most traffic.

Lufthansa has announced the cancellation of 20,000 summer flights to conserve fuel, while other carriers are introducing steep surcharges to offset rising costs.

Commodity traders warn that the 'billion-barrel hole' in the market will persist for months, even if a peace deal is reached.

The crisis is also driving up the cost of petroleum-based consumer goods, ranging from clothes to medical supplies.