Bloomberg: Global economy faces fuel shock due to Strait of Hormuz blockage

The global economy is facing a fuel shock due to the blockage of the Strait of Hormuz, Bloomberg writes. Prices for many refined products have risen much more sharply than those for crude oil.

The impact of the conflict in the Middle East is being felt across the globe, including in Europe. In the Netherlands, gasoline prices have exceeded €2.50, a record high since 2022. Furthermore, the average price of diesel fuel in the country remains high, at around €2.50 per liter.

The fuel crisis is hitting Americans as well. Fuel prices there have reached their highest since 2023, with prices rising sharply by almost 27% over the past month.