Strait of Hormuz shutdown: What implications for Europe, for how long and how high can prices go? 😔

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The military strikes by the US and Israel against Iran have escalated tensions, leading to the closure of the Strait of Hormuz, a critical energy chokepoint. This has resulted in a significant rise in global energy prices, with gas prices increasing by 70% and oil by 50%. The G7 leaders are prepared to take measures to ensure energy stability, while the EU assesses supply risks. The damage to Gulf energy infrastructure could take months to repair, and the crisis poses challenges for Europe's economy, which is already facing high energy costs. Various EU countries are implementing measures to mitigate the impact.