The strategic strait between Iran and Oman has returned to the center of global attention after the war involving Iran, the United States and Israel.
The Strait of Hormuz: a crucial artery for global energy
The Strait of Hormuz is widely considered one of the most fragile points of the global energy system. This narrow maritime passage, only 33 kilometers wide between Iran and Oman, serves as a key corridor for the international energy trade.
Every day around 17–18 million barrels of oil pass through the strait, representing roughly 20% of global oil demand. In addition, more than a quarter of global liquefied natural gas (LNG) exports transit the area, mainly coming from Qatar, one of the world’s largest LNG producers.
According to the Unimpresa Research Center, the ongoing war involving Iran, the United States and Israel has once again highlighted the strategic importance of this maritime route.
Energy markets react quickly to geopolitical tensions
Any potential disruption in the Strait of Hormuz would represent one of the most severe shocks for global energy markets. Even the mere perception of risk can trigger strong price fluctuations.
After the conflict began, global energy markets experienced strong volatility. Brent crude oil, which had been trading around $80 per barrel, surged above $95, with spikes exceeding $100 per barrel during peak tensions.
European natural gas prices, traded on the TTF exchange in Amsterdam, also rose significantly—from around €30 per megawatt hour at the beginning of the year to nearly €45–50 per megawatt hour during the most intense phases of the crisis.
The immediate impact on fuel prices and the real economy
Energy market tensions quickly spread to everyday economic life. In Italy, fuel prices reacted almost immediately.
The average gasoline price exceeded €1.95 per liter, while diesel approached €1.90 per liter, marking increases of around 10–15 cents per liter compared with January levels.
These increases reflect both the rise in international oil prices and growing uncertainty surrounding global energy supplies, which affect production, transportation and logistics costs.
A global energy chokepoint
According to the Unimpresa Research Center, the Strait of Hormuz is effectively a global energy chokepoint. Oil exports from Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran all pass through this narrow corridor on their way to Asia, Europe and the United States.
A significant share of traffic also includes Qatar’s liquefied natural gas exports, which have become increasingly important for Europe following the reduction of Russian gas supplies.
Even without a full closure of the strait, rising military and insurance risks have already made the transportation of oil and gas through the Persian Gulf more expensive, contributing to market volatility.
Europe’s challenge: diversify energy sources
The crisis demonstrates that the global energy system remains highly dependent on a small number of sensitive geographic chokepoints.
For Europe, the message is clear: it must accelerate investments in energy diversification, expand energy infrastructure, and strengthen its strategic autonomy.
Without these changes, the continent will continue to suffer the economic consequences of geopolitical crises in the Middle East, affecting inflation, industrial production and economic growth.
This post is also available in: Italiano (Italian)