Shipping traffic in the Strait of Hormuz has plummeted, and Europe is taking action, according to Bloomberg
Only 144 ships passed through the strategically important Strait of Hormuz between March 1 and 23—roughly the same number recorded in a single day before the war began. Against the backdrop of a sharp decline in traffic and rising oil prices, European countries are already implementing crisis-response measures.
Bloomberg reports on this.
Before the war, an average of 138 ships passed through the strait daily. By comparison, on February 28—the day the attacks began—84 commercial vessels were recorded, mostly tankers carrying oil, petroleum products, and chemicals.
The reduction in shipping traffic through one of the world’s key energy routes has already caused instability in the energy market, forcing European governments to act.
Specifically:
- Germany has limited fuel price changes to once a day and strengthened antitrust oversight;
- Italy has introduced tax breaks on fuel and a mechanism to peg prices to the cost of oil;
- France has focused on supporting specific sectors, particularly transportation and fishing;
- The United Kingdom is preparing to raise the energy price cap and is launching targeted assistance for households;
- Spain approved a €5 billion support package including a reduction in VAT on energy and subsidies for businesses;
- Greece has temporarily capped profit margins on fuel and basic goods.
Experts warn that the situation could worsen.
“The International Energy Agency has warned that the world is facing one of the deepest energy crises in history and has called for radical energy-saving measures, including remote work and speed limits,” notes Bloomberg.
More than twenty countries have declared their readiness to ensure safe passage through the Strait of Hormuz following Iran’s recent attacks on merchant ships and civilian infrastructure in the Persian Gulf. Among the countries are European nations, as well as the UAE and Bahrain.
Additionally, the U.S. announced a strike on Iran’s surveillance systems.
Trump got a fuel crisis instead of a quick war.
Iran’s readiness for escalation is its main weapon in the war — The Guardian.
