Strait of Hormuz

IEA chief Fatih Birol warns that the renewed closure of the Strait of Hormuz could trigger global economic problems within weeks. The blockade has already pushed oil prices higher, and escalating tensions threaten key shipments to vulnerable countries in Asia and the Middle East.

Fixed energy contract rates in the Netherlands are now 13% higher than before the start of the Iran war, according to new figures from the Authority for Consumers & Markets (ACM). Variable tariffs have not yet risen, but many suppliers traditionally adjust prices on 1 July. Reduced oil and gas flows through the Strait of Hormuz have pushed up wholesale gas prices, while more Dutch households are opting for fixed‑rate contracts.

Rosneft head Igor Sechin stated that American energy companies are the primary beneficiaries of the Strait of Hormuz's closure, which he claims is an attempt to reshape global markets in favor of U.S. interests. However, he warned that the resulting price hikes and blockade backfired globally, underestimating strategic risks and potentially driving long-term interest toward alternative energy.

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.