The economic fallout from the conflict — and particularly the Hormuz closure — is reverberating across the globe. In Senegal, Prime Minister Ousmane Sonko announced a ban on all non-essential government travel abroad, noting that oil prices have nearly doubled the assumptions baked into the national budget. Sonko personally postponed planned visits to Niger and Spain, signaling that austerity is not merely rhetorical.
In Europe, five EU finance ministers have called for a windfall tax on energy companies profiting from the crisis. The proposal, they said, would demonstrate that Europe “stands united and is ready to take action.” The move reflects growing political pressure as consumers face rising fuel and energy costs linked directly to the Persian Gulf disruption.