Impact of Strait of Hormuz Crisis on Global Fuel Supplies

Fears of fuel shortages are rising as tanker traffic through the Strait of Hormuz has dropped significantly due to Iranian threats, affecting global oil and gas supplies. Daily traffic is reportedly down by about 95%, leading to shortages in several countries, including Italy, France, and the UK, where some petrol stations are running low. Meanwhile, the US has seen gas prices exceed $4 per gallon for the first time since 2022, and countries like Peru and Cuba are facing severe supply disruptions.

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