Global Energy Crisis Intensifies

The closure of the Strait of Hormuz has created a historic supply shock, forcing oil and gas exporters to scramble for constrained alternative routes.

European airlines, including Lufthansa, have been forced to cancel thousands of flights as jet fuel prices double and supplies dwindle across the continent.

Retail giants like Sainsbury's and WH Smith are flagging a downturn in consumer confidence and rising operational costs that threaten annual profits.

Economists warn that even if the conflict is resolved, energy prices are unlikely to return to pre-war levels for several years.