Hormuz closure shocks European markets

As a critical thoroughfare for one-fifth of the world's oil supply, the blockade has led to rocketing gasoline prices in the U.S. and even higher costs in Europe.

Italy has already begun setting jet fuel limits at major airports, while France's food supply is being disrupted by rising transportation costs.

Analysts suggest that the conflict may make the Iranian regime more determined to develop nuclear weapons as a deterrent against U.S. strikes.

The crisis is also testing the unity of NATO as allies disagree on the best strategy to reopen the waterway.