The numbers are stark. The European Union is now spending more than $587 million per day on fossil fuel imports since the escalation of the Middle East conflict, according to EU Energy Commissioner Dan Jorgensen. The bottleneck is the Strait of Hormuz — the narrow waterway that handles roughly 20% of global oil and liquefied natural gas flows — which has become increasingly disrupted as the US-Israeli war on Iran intensifies.
The EU, still reeling from its earlier decision to cut energy ties with Russia, now faces what Jorgensen described as “months of uncertainty” as the energy crisis deepens. Oil prices have surged, and the downstream effects are touching virtually every industry on the planet.
India has already taken defensive action. Nine Indian-flagged LPG carriers — including vessels like the Shivalik, Nanda Devi, and BW Elm — have been pulled out of the Gulf entirely. Foreign ships are now ferrying U.S. cargoes instead, a logistical scramble that underscores how fragile global energy supply chains have become.
