News of the closure of the Strait of Hormuz and escalation of conflict in the Middle East triggered panic buying among British drivers. People are rushing to fill up, with long queues forming at petrol stations across the country and in London – some bringing jerry cans.

30% of the world's seaborne oil trade and 20% of natural gas trade passes through the Strait of Hormuz. Qatar, one of the main exporters of liquefied natural gas, has already invoked "force majeure" and halted contract deliveries.

Europe is now intensively exploring alternative supply routes: via the Suez Canal (where capacity is under pressure), around Africa (longer and significantly more expensive), or by diversifying towards closer suppliers in markets not dependent on the Gulf.

Oil analysts warn that Europe is particularly vulnerable to natural gas prices. North African and Norwegian pipeline supplies can partially fill the gap, but not fully or long-term without additional contractual arrangements.

Research institute Finance Think currently assesses the prediction of an "inevitable global oil shock" as premature, but warns that a prolonged blockade will have serious consequences, especially for countries highly dependent on energy imports.