European gas up 17% after Donald Trump ordered Hormuz blockade
Business
European gas prices shot up by 17% after US President Trump ordered a blockade in the Strait of Hormuz, a move that's making everyone nervous about energy supplies.
The ripple effect? Oil prices are climbing, while stock markets and even gold and silver have taken a hit.
Hormuz handles nearly 20% global energy
The Strait of Hormuz is basically the world's energy shortcut: nearly 20% of the world's energy supply passes through it.
Right now, some oil tankers are getting through, while shipments of liquefied natural gas (LNG) have not yet made the journey.
To keep up with all the action, Europe's main gas trading hours have even been extended, showing just how much this chokepoint matters for global energy security.