Strait of Hormuz

The IMO reports that around 1,500 ships and 20,000 crew members remain stranded in the Persian Gulf due to the near‑closure of the Strait of Hormuz. Some vessels have been stuck for weeks, and an evacuation plan is being prepared once tensions ease.

OPEC oil production has fallen to its lowest level in 36 years due to the war in Iran, which has halted exports and forced shutdowns. Kuwait and Iran saw major declines, while U.S. oil exports hit a record high as global supply routes shift.

The national recommended price for Euro95 has surpassed €2.60 per liter for the first time, as rising oil prices push fuel costs higher across the Netherlands. Diesel prices are also increasing after a brief decline earlier this month.

The war in the Middle East is pushing Air France‑KLM’s fuel bill up by 2.4 billion dollars this year, with higher ticket prices and a trimmed growth plan the most visible effects for passengers.

Exports slow and Middle East tensions cloud the outlook, but consumption and several key sectors signal underlying resilience.

Global crop prices have surged to their highest level since 2023, driven by the Iran war, supply disruptions, and extreme weather, raising concerns over rising food costs worldwide.

Oil prices plunged by approximately 11% on Friday following the announcement that the Strait of Hormuz has reopened to commercial shipping. The strategic waterway, which carries 20% of the world's oil, had been largely closed by Iran during recent hostilities, causing significant market volatility. This de-escalation led US crude to fall to $83.30 and Brent crude to $87.90 a barrel, while European gas prices also dropped by nearly 8% as fears of a prolonged energy supply crisis began to fade.

The aviation industry faces potential flight cancellations within six weeks if the Strait of Hormuz remains closed, as trade association BARIN warns of an impending kerosene shortage. While major hubs like Schiphol currently have sufficient stocks, long-haul intercontinental flights are expected to be the first cut to conserve fuel if the vital shipping route stays blocked. With Southeast Asian nations already buying up European supplies to offset their own regional shortages, experts suggest that smaller airports across Europe and the UK could soon struggle to secure fuel, even as major carriers like KLM and Ryanair begin drafting contingency plans for disrupted deliveries in May.