The strait of calamity: Global fuel rationing looms as Iran’s chokehold tightens Europe is preparing for a prolonged energy shock, including potential fuel rationing, due to Iran’s effective blockade of the Strait of Hormuz. The blockade has weaponized a critical oil chokepoint, handling 20% of seaborne oil, causing paralyzing fear in shipping and strangling global supply. Global economic consequences are severe, with oil prices soaring past $109 a barrel, causing sharp increases in petrol and gasoline costs worldwide. Emergency measures are cascading globally, with developing nations like the Philippines, India and Sri Lanka declaring emergencies, rationing fuel and halting industries. The crisis exposes…
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