Iran Threats Spark Fuel Panic, Energy Price Surge

0:00On March 3rd, Iran has ramped up threats against ships in the Strait of Hormuz with a top revolutionary guards official warning they would torch any. Vessel trying to pass and push oil prices to $200 per barrel. The commander declared the key waterway closed on state television, escalating fears of major disruptions to global energy flows. This comes after Iran attacked tankers in retaliation for strikes that killed their supreme leader, stalling most shipping through the Strait. That narrow passage handles about one-fifth of the world's liquefied natural gas trade, mainly from Qatar and the United Arab Emirates. In response, people across Britain are panic buying fuel, leading to long queues at petrol stations and some running dry. Drivers ignore calls to stay calm, with reports of stations in London and elsewhere posting out of stock signs as folks rush to top up. Energy markets reactive fast, with UK gas prices jumping another 40% on Tuesday morning and Brent crude oil surging 13% to it's.

1:01Highest since July 2024, analysts say of supplies they blocked for weeks, European gas costs could triple, hiking Britain's household energy cap toward 2005, $100 per year from the current $1,641. Traders now watch how long these tensions last, as lower European gas storage after a cold