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US oil rig count up for week ending Nov. 7

- Number of US oil rigs up by 49 compared to one year ago

08.11.2026 Oil

Oil prices set for sharp weekly decline despite tanker attacks

- Hopes for diplomatic breakthrough pressure prices as tanker attacks limit Friday losses

09.11.2026 Oil

US crude oil inventories down 0.2% in week ending Oct. 30

- Daily crude oil production increases to around 14 million barrels per day

05.11.2026 Oil

Poland's PGNiG-ORLEN set to drill third exploration well in Libya

- Company plans to drill its third exploration well in Libya in November as it advances exploration activities in Murzuq Basin

04.11.2026 Oil

TotalEnergies, ADNOC Gas sign 1.6 million-tonne LNG deal

- Deliveries under five-year agreement for up to 1.6 million tonnes of LNG are expected to begin by end of 2026

05.11.2026 Oil

Oil rises on renewed US threats against Iran, diplomatic hopes cap gains

- Reports that Netanyahu is pushing for US strikes on Iran after Nov. 3 midterms fuel supply disruption concerns

04.11.2026 Oil

Aramco says it can restore oil output in less than three weeks

- Company can restore pre-conflict oil output within days and reach its 12 million bpd capacity in less than three weeks if requested, CEO Amin Nasser says

06.11.2026 Oil

Republicans could pay political price for surging oil prices in US midterms

- Middle East conflict drives nearly 40% surge in US gasoline prices, increasing pressure on Trump and his party

03.11.2026 Oil

Oil prices rebound above $105 on US strikes against Iran, remain below recent highs

- US forces carry out 'defensive' strikes on Iran, supporting oil gains, while optimism over diplomatic progress limits further price rises

05.11.2026 Oil

Oil prices fall on reports of renewed US-Iran contacts

- Expectations of diplomatic contacts in Middle East ease concerns over potential impact of conflicts on oil shipments

02.11.2026 Oil

US oil rig count up for week ending Oct. 30

- Number of US oil rigs up by 48 compared to one year ago

01.11.2026 Oil

Brent heads for weekly gain as US-Iran tensions keep supply risks in focus

- Reports of possible US strikes on Iran and threats to Middle East oil shipments support prices despite diplomatic efforts

31.10.2026 Oil

Oil rises as reports of possible US strikes on Iran raise supply concerns

- Reports of US military preparations add to concerns over Middle East oil supplies

30.10.2026 Oil

Oil falls as efforts to revive US-Iran talks ease supply concerns

- Reports of Qatar-led mediation efforts ease Middle East supply concerns, while an unexpected drop in US crude inventories limits price losses

30.10.2026 Oil

US crude oil inventories down 0.5% in week ending Oct. 23

- Daily crude oil production increases to around 13.99 million barrels per day

30.10.2026 Oil

TotalEnergies completes $800M sale of stake in Nigerian oil venture

- French energy giant retains full economic interest in three gas licenses within Renaissance joint venture, currently accounting for 50% of gas supplies to Nigeria LNG

28.10.2026 Oil

Türkiye's energy import bill rises 49.3% in Sep.

- ⁠At $6.77 billion, energy accounted for 21.7% of the overall import figures in September

30.10.2026 Oil , General

Oil prices rise as Houthi attack claims renew Saudi supply concerns

- Reported attacks on Saudi energy infrastructure heighten concerns over supply disruptions amid ongoing Middle East tensions

29.10.2026 Oil

Oil prices fall amid diplomatic efforts to ease US-Iran tensions

- Iran's insistence on seven conditions for US negotiations limits further oil price declines despite diplomatic efforts to ease tensions

27.10.2026 Oil

Yemen's Houthis say they targeted Riyadh airport and Saudi oil pipeline

- Group claims ballistic missile attack on King Khalid International Airport and drone strikes on pumping stations along strategic East-West Pipeline

28.10.2026 Oil

Singapore, Saudi Aramco agree to store crude oil in rock caverns

- Arrangement expected to enhance resilience of Saudi crude oil supply chain across Southeast Asia

28.10.2026 Oil

Oil prices fall as US-Iran diplomacy eases supply concerns

- Trump rules out immediate strike on Iran, while Houthi attacks keep regional supply risks in focus

26.10.2026 Oil

US oil rig count up for week ending Oct. 23

- Number of US oil rigs up by 40 compared to one year ago

26.10.2026 Oil

Brent heads for over 4% weekly gain amid Middle East tensions

- Attacks on Saudi energy facilities, threats to oil shipments through Strait of Hormuz and renewed US-Iran tensions fuel supply concerns

24.10.2026 Oil

Libya's Hamada-Zawiya crude oil pipeline valve shut by unauthorized group, says oil corporation

- National Oil Corporation warns prolonged closure could disrupt production and affect oil revenues

23.10.2026 Oil

Oil prices rise as Hormuz tensions, Libya supply risks heighten concerns

- Rising tensions over shipping through Hormuz and risk of supply disruptions in Libya support prices

23.10.2026 Oil

US to release 315,000 barrels of fuel oil to curb energy prices

- Fuel oil deliveries are expected by Nov. 13 from Northeast Home Heating Oil Reserve

22.10.2026 Oil

US crude oil inventories down 0.7% in week ending Oct. 16

- Daily crude oil production falls to around 13.27 million barrels per day

23.10.2026 Oil

Oil prices rise on Iran strike reports, attacks on Saudi energy facilities

- Oil prices rise as reports of potential renewed US-Israeli strikes on Iran and attacks on Saudi energy infrastructure and oil-carrying vessels heighten supply concerns

23.10.2026 Oil

Yemen's central bank orders banks to freeze assets of 135 Houthi-linked individuals, entities

- Directive also bans financial dealings with those on terrorism lists, including 5 oil tankers

22.10.2026 Oil

Oil rises as Iran tensions, US crude stock draw fuel supply concerns

- Brent crude climbs as Iran's stance on Hormuz, regional tensions and drop in US crude inventories support prices

22.10.2026 Oil

Brent crude hovers near $110 on Middle East tensions

- Markets assess reported Saudi energy attacks amid regional tensions

21.10.2026 Oil

Iran’s Revolutionary Guard says oil tanker struck mine and caught fire in Strait of Hormuz

- Iranian force warns of ‘firm response’ against vessels operating with navigation and identification systems switched off

19.10.2026 Oil

Oil slides as Trump delays new Russia measures, OPEC trims demand outlook

- Weaker demand outlook weighs on prices as Iran keeps proposal to reopen Strait of Hormuz on the table

20.10.2026 Oil

Moscow says first tanker carrying Russian oil to world markets has departed

- Deputy prime minister says oil prices could rise further if situation in Strait of Hormuz does not improve

21.10.2026 Oil

Oil prices head for weekly gains amid Middle East risks, US inventory draw

- Brent and WTI head for weekly gains as supply concerns persist despite emergency stock releases

18.10.2026 Oil

Oil falls as IEA accelerates emergency stock releases

- US sanctions on Iran, Ukrainian threats to Russian refineries and falling US crude inventories limit losses

16.10.2026 Oil

US crude oil inventories down 2% in week ending Oct. 9

- Daily crude oil production falls to around 13.68 million barrels per day

16.10.2026 Oil

IEA members to accelerate release of 100M barrels as oil markets remain tight

- Plans include over 20M barrels of diesel to be released as soon as possible amid supply tightness

17.10.2026 Oil

Equinor and partners discover oil and gas near Oseberg field in North Sea

- Discovery near Norway's Oseberg field expected to be brought into production within three years using existing infrastructure

15.10.2026 Oil

Oil prices retreat as potential US sanctions relief offsets supply risks

- API reports an 11.12-million-barrel drop in US crude stocks, contrasting with expectations for an increase

16.10.2026 Oil

Türkiye's crude oil and petroleum product imports rise 2.33% in August

- Russia stands as Türkiye's largest supplier of crude oil and petroleum products, accounting for 28.03% of imports

14.10.2026 Oil

Yemen’s Houthi rebels threaten further attacks on Saudi airports, oil facilities

- Spokesman claims attacks targeted Aramco facilities in Dhahran and Riyadh, as well as King Khalid International Airport

15.10.2026 Oil

US market regulator appointee halted probe into oil trading ahead of Iran strike reversal: Report

- Democratic Sen. Elizabeth Warren demands answers from CFTC leadership over allegations of blocking career investigators

14.10.2026 Oil

Global oil supply rises 2.5M bpd in September, IEA says

- Recovery in Gulf production and exports drives September oil supply gains despite continued regional tensions

14.10.2026 Oil

Oil rises on Saudi-Houthi clashes, energy supply concerns

- Continued attacks on energy infrastructures in Middle East and Russia-Ukraine war heighten concerns over global oil supplies

15.10.2026 Oil

Equinor, Eneco sign 5-year gas supply deal for Netherlands

- Agreement covers around 9 TWh of Norwegian natural gas annually, equivalent to approximately 0.9 billion cubic meters

13.10.2026 Oil

OPEC crude production jumps 920,000 bpd in September

- Saudi Arabia, Iraq and UAE lead output gains with 744,000 bpd, 386,000 bpd, and 86,000 bpd, respectively

13.10.2026 Oil

Oil prices fall on hopes of more Russian diesel supplies

- Brent and WTI futures decline as US deal on Russian diesel supplies ease concerns over global fuel availability

13.10.2026 Oil

US Gulf oil shut-ins ease to 57.5% as Hurricane Isaias disruptions subside

- Approximately 1.17 million barrels per day of oil production remains offline, while evacuations decline to 32 offshore platforms

13.10.2026 Natural Gas , Oil

Oil prices edge lower as Russia-Ukraine energy truce eases supply concerns

- Hopes for Russia-Ukraine energy truce and profit-taking weigh on oil prices, while production outages in Gulf of Mexico limit losses

12.10.2026 Oil , Finance , Energy Diplomacy

US oil rig count up for week ending Oct. 9

- Number of US oil rigs up by 44 compared to one year ago

12.10.2026 Oil

Oil prices head for mixed weekly close amid conflicting market signals

- Brent heads for weekly gain while WTI declines as conflicting signals over potential US strikes on Iran and hurricane-related supply disruptions keep oil markets volatile

11.10.2026 Oil

Hurricane Isaias shuts in 63% of US Gulf oil, 57% of gas output

- Offshore operators suspend approximately 1.28 million barrels per day of oil production and evacuate personnel from 121 platforms

10.10.2026 Natural Gas , Oil

bp suspends 2 Gulf of Mexico platforms as Hurricane Isaias threatens US coast

- Company evacuates all personnel from Na Kika and Thunder Horse platforms, removes non-essential staff from three other facilities

10.10.2026 Oil

Heavy explosions in Strait of Hormuz as tankers may have hit mines: Iran’s state broadcaster

- Oil tankers using ‘unauthorized’ routes may have struck mines in southern passage of strategic waterway, Iranian military sources tell IRIB

09.10.2026 Oil

US sanctions 17 vessels linked to Iran’s ‘shadow fleet’

- Treasury targets oil shipments to Asian markets under Operation Economic Outcast campaign

09.10.2026 Oil

EU approves $45.4M aid for French firms amid fuel price surge

- Aid to support transport companies and businesses in the agricultural, fishery and aquaculture sectors

09.10.2026 Oil

Oil retreats as Trump rules out Iran attack before US midterms

- Brent falls 0.8% as Trump points to talks with Tehran, while Washington maintains blockade and announces fresh sanctions

09.10.2026 Oil

Hurricane Isaias shuts in 25% of US Gulf oil production

- More than 511,000 barrels per day of oil production halted as hurricane threatens offshore energy facilities

09.10.2026 Oil

Oil prices surge over 4% on reports of possible new US strikes on Iran

- Possible Hormuz disruptions and hurricane-driven production halts in US Gulf add to fears of tighter global supplies

09.10.2026 Oil

Shell, Chevron curb Gulf of Mexico production as Hurricane Isaias approaches US coast

- Shell shuts in production at five offshore facilities, while Chevron initiates shutdown procedures at four

09.10.2026 Oil

Oil rises almost 4% amid Middle East tensions, US supply concerns

- Iran tensions, hurricane-related production disruptions and falling US crude stocks add to supply concerns

08.10.2026 Oil

US crude oil inventories down 0.7% in week ending Oct. 2

- Daily crude oil production rises to around 13.98 million barrels per day

08.10.2026 Oil

IEA members to accelerate release of strategic oil reserves

- - IEA says around 100M more barrels could come to market, with 325M barrels already released under March collective action

07.10.2026 Oil

Fire reported at Venezuela’s Cardon refinery; blaze brought under control

- No immediate reports of injuries, according to local media

07.10.2026 Oil

Brent rises above $101 as storm, Houthi attacks fuel supply concerns

- Storm threatens US Gulf oil production and refining capacity as Middle East tensions persist

08.10.2026 Oil

EIA raises oil price forecasts as Middle East disruptions tighten supply

- Brent expected to average $105 a barrel in fourth quarter as regional flows remain constrained

08.10.2026 Oil

Fivefold Hormuz freight surge forces Middle East crude discounts to stay competitive

- Record shipping costs raise delivered crude prices in Asia and erode Gulf's traditional freight advantage

07.10.2026 Oil

Global oil refining capacity set to rise 4.2M bpd through 2030

- Africa and Asia Pacific drive 95% of global net refining capacity growth, fueled by rising demand, import substitution and export-oriented investments

07.10.2026 Oil

Saudi Arabia’s East-West oil pipeline operating normally: Report

- Oil continues flowing through key Saudi export route, Bloomberg reports, after earlier report claimed fresh attack halted operations

05.10.2026 Oil

Japan plans no new oil reserve release following G7 agreement: Premier

- Takaichi says Japan has already been releasing reserves as G7 agrees coordinated 100 million barrel drawdown

05.10.2026 Oil

Development Road could generate $80B in annual economic value as "energy corridor"

- Türkiye aims to turn Development Road into strategic energy corridor linking Iraqi and Gulf oil and gas to Europe, while expanding Ceyhan's role as regional hub

06.10.2026 Electricity , Natural Gas , Oil , Energy Diplomacy

Brent crude slips as G7 oil reserve release eases supply concerns

- Coordinated reserve release aims to ease pressure on global energy and diesel markets

05.10.2026 Oil

US drivers continue to face high gasoline prices

- Gasoline prices remained high across the US on Saturday, Oct. 3, as current fuel prices were displayed at gas stations in Arlington, Virginia

03.10.2026 Downstream

US oil rig count up for week ending Oct. 2

- Number of US oil rigs up by 34 compared to one year ago

04.10.2026 Oil

Oil set for weekly loss as Hormuz flows recover, US-Iran talks stall

- Improving flows through Hormuz and potential emergency fuel stock releases ease supply concerns

03.10.2026 Oil

Oil prices retreat as Europe weighs diesel reserve release

- European diesel stock release could ease tight refined-product markets, while geopolitical risks remain

02.10.2026 Oil

Brent rises above $100 as stalled US-Iran talks fuel supply concerns

- Oil prices gain as uncertainty over Hormuz reopening and Iranian crude exports keeps risk premium elevated

01.10.2026 Oil

Oil edges higher as Iran sanctions uncertainty offsets easing supply concerns

- Higher oil flows through Hormuz ease supply fears, while Iran sanctions keep prices supported

02.10.2026 Oil

Trump weighs diesel export ban, warns of impact on gasoline prices

- Energy Secretary Wright signals upcoming announcements on additional diesel supplies from Europe to ease prices

03.10.2026 Oil

US crude oil inventories up 0.2% in week ending Sept. 25

- Daily crude oil production rises to around 13.95 million barrels per day

02.10.2026 Oil

Russia extends ban on diesel, marine fuel exports by producers until Oct. 31

- Russian government prolongs temporary restriction on fuel exports amid harvest season

01.10.2026 Oil

Oil prices fall on higher Hormuz flows, US reserve release plans

- Crude dips as rising Strait of Hormuz flows, US reserve release plans, and interest rate outlook offset ongoing Washington-Tehran tensions

01.10.2026 Oil

Oil prices rise as conflicting US-Iran statements sustain supply risk

- Uncertainty over Strait of Hormuz reopening keeps risk premium elevated in oil markets

30.09.2026 Oil

Brent crude rises above $100 as Iran rules out talks with US

- Brent crude rises above $100 as uncertainty over US-Iran diplomacy increases concerns about continued distruptions to oil flows through Hormuz

30.09.2026 Oil

Oil rises amid fading hopes for near-term US-Iran ceasefire

- Trump's Saturday rejection of Tehran's proposal to reopen Hormuz weakens ceasefire hopes, keeps oil supply concerns in focus

28.09.2026 Oil

Middle East, Ukraine wars weigh on Saudi, Russian oil

- Saudi Arabia's crude supply fell to its lowest level in more than 30 years in August, while Russia's oil production hit its lowest level since 2003 as wars disrupted output and export routes

28.09.2026 Oil

US oil rig count up for week ending Sept. 25

- Number of US oil rigs up by 31 compared to one year ago

29.09.2026 Oil

Oil prices set for mixed week as US-Iran diplomacy, Hormuz uncertainty reshape supply outlook

- Saudi export recovery and diplomatic signals ease pressure on prices, while Hormuz uncertainty limits declines

26.09.2026 Oil

Oil prices fall on US-Iran diplomatic signals, easing US-China trade tensions

- Markets assess prospects for lower Middle East risk as Tehran signals readiness for talks with Washington

25.09.2026 Oil

Oil prices rise as US-Iran talks stalled over Hormuz demands

- Uncertainty over Hormuz reopening and persistent regional security risks support prices, while limited flows through Saudi pipeline limits gains

25.09.2026 Oil

US crude oil inventories up 0.7% in week ending Sept. 18

- Daily crude oil production falls to around 13.94 million barrels per day

25.09.2026 Oil

Oil prices fall as US-Iran diplomacy, Saudi flows ease supply concerns

- Reports of US-Iran contacts, partial Saudi pipeline restart and an expected rise in US crude inventories weigh on prices

23.09.2026 Oil

Oil rises as Saudi export disruptions fuel supply concerns

- Escalating tensions in Yemen add to concerns over Middle East oil flows, while prospects for US-Iran diplomacy limit gains

22.09.2026 Oil

Oil falls more than 2% as US-Iran diplomacy gains momentum

- Oil prices fall as diplomatic efforts and stronger Saudi flows offset continuing Middle East supply risks

22.09.2026 Oil

Iran says Strait of Hormuz to remain closed until US fulfills commitments

- Parliament speaker says Tehran has conveyed conditions through intermediaries, rules out reopening strategic waterway until they are met

22.09.2026 Oil

US military says over 1B barrels of oil shipped through Strait of Hormuz under US blockade

- CENTCOM head Adm. Brad Cooper says US forces have assisted more than 2,000 commercial vessel transits through strategic waterway

20.09.2026 Oil

Global refined product squeeze to worsen on supply disruptions and seasonal demand

- Surging refining margins highlight tighter refined oil markets amid supply disruptions, with diesel under particular pressure, experts say

20.09.2026 Oil

US oil rig count up for week ending Sept. 18

- Number of US oil rigs up by 34 compared to one year ago

21.09.2026 Oil

Oil set to end week lower as Saudi export options ease supply concerns

- Ongoing risks to oil flows through Hormuz and continued attacks on energy infrastructure keep supply concerns elevated

18.09.2026 Oil

Oil prices slide on Saudi export options and hopes for extra supplies

- Supply concerns ease with Saudi Arabia's efforts to restore pipeline flows and offer crude cargoes to Asian buyers through Oman

19.09.2026 Oil

Oil price surge raises fuel costs, inflation pressures in US

- Supply disruptions push Brent crude above $100, while rising gasoline and diesel prices add to inflationary pressures in US

18.09.2026 Oil

Gulf, Russia supply losses tighten global diesel market

- Lower Gulf exports and Russian refinery disruptions are reducing global diesel supplies and raising fuel prices

19.09.2026 Oil

Oil prices decline as Saudi Arabia offers additional crude to Asia

- Rerouting of Saudi crude to Asian buyers offsets some supply concerns caused by pipeline attacks

18.09.2026 Oil

China drives record global nuclear output as generation elsewhere falls

Türkiye signs cooperation deal with Danish company to use thorium reserves in nuclear technology

Hungary's Paks Nuclear Power Plant to shut down for first time in 44 years as Danube water levels plunge

India targets 100 GW nuclear power capacity by 2047

Türkiye says power system strong amid European blackout

Türkiye's daily power consumption down 1.8% on April 26

Türkiye's daily power consumption up 16.7% on May 22

Türkiye's daily power consumption increases 1.2% on May 10

US extends Michigan coal plant operation amid grid reliability concerns

Coal prices surge as Middle East tensions disrupt energy markets

Trump directs Pentagon to purchase coal-fired electricity as he seeks boon for fading industry

Climate change protestors block world’s largest coal export port in Australia

Spot market natural gas prices for Tuesday, Nov. 5

Global natural gas investments to reach almost $9 trillion by 2050

Spot market natural gas prices for Thursday, Jan. 5

Turkish president announces more gas reserves found in Black Sea

Spot market natural gas prices for Saturday, Jul. 4

Spot market natural gas prices for Friday, Jun. 12

Spot market natural gas prices for Thursday, Apr. 9

Spot market natural gas prices for Thursday, Feb. 12

Qatari LNG carrier struck by 'unidentified objects' in Gulf waters: Company

Germany's gas storage misses 80% winter target, raising concerns over supply

Shell takes final investment decision to double LNG Canada capacity

Global LNG squeeze pushes EU to seek alternative supplies

US oil rig count up for week ending Dec. 26

Türkiye to deploy AI in oil and gas exploration

Oil production in Türkiye's eastern region breaks first record in 2024

Oil up in w/e Dec. 15 on demand optimism, central bank interest rate decisions

US drivers continue to face high gasoline prices

Hormuz shipping risks highlight strategic value of oil storage outside chokepoint

US oil rig count falls for week ending April 17

Türkiye, Iraq begin talks on new oil transport deal

US oil rig count up for week ending Sept. 4

Saudi Aramco and Maaden inks deal for mining in Saudi Arabia

Oil majors reap $152.8B in first-half profits as higher prices pressure Trump

US crude oil inventories down 1.5% in week ending June 19

Türkiye ready to become global leader in wind energy, WindEurope official says

International cooperation needed to accelerate electrification, GWEC chief says

Turkish wind sector's operation, maintenance market reaches $350M

Türkiye's wind power tenders generate €75.5M in contribution fees

Türkiye announces winning bids for 11 solar power projects

Türkiye, Romania eye deeper energy ties through gas, renewables

Wearable solar technologies offer promise for meeting personal energy needs

Orbital data centers to drive demand for larger solar arrays

Climate crisis, geopolitical tensions accelerate shift toward alternative fuels

Türkiye has 13 GW of investment-ready pumped-storage hydropower potential

Hydropower generation strengthens Türkiye's energy security, cuts import bill by $5B

Global hydropower capacity rises to 1,469 GW as pumped storage hits record level

COP31 offers Türkiye chance to showcase geothermal expertise, attract investment: IGA chief

US selects 21 geothermal projects for $99M in potential funding

Türkiye targets greater use of biomethane to cut emissions and reduce fuel imports

US tech companies turn to geothermal energy to power data centers

Türkiye targets $500B investment under 'National Energy 2040' vision

Turkish wind sector's operation, maintenance market reaches $350M

Türkiye's COP31 presidency offers opportunity to accelerate electric mobility

Türkiye announces winning bids for seven wind power projects

Energy, financial connectivity take center stage at Verona Eurasian Economic Forum

OPEC+ agrees to extend group-wide output cuts into 2025

Libya Energy & Economic Summit 2024 to kick off in Tripoli

OPEC+ countries announce daily voluntary output cuts by 2.2 million barrels

Brazil joins OPEC+ as group confirms 3.6 million barrels per day output cut

Spot market electricity prices for Sunday, Dec. 3

ExxonMobil drills first lithium well in Arkansas in aim to become major player in EV sector

Spot market electricity prices for Thursday, June 8

High rollout of electric vehicles could earn UK drivers £6.5B more by 2035

Spot market natural gas prices for Friday, Dec. 1

Turkey's daily power consumption down 0.77% on Oct. 23

Russian Lukoil starts Chashkino gas-turbine power plant

Gazprom posts 26% loss in 1H20

Türkiye targets $500B investment under 'National Energy 2040' vision

Türkiye's COP31 presidency offers opportunity to accelerate electric mobility

COP31 to provide platform for Türkiye-Netherlands offshore wind cooperation

Türkiye's wind, solar YEKA tenders expected to draw $2B investment

Türkiye's LPG production up 12.4% in March

Türkiye's LPG production down 4.3% in December 2024

Türkiye's LPG production down 25% in April 2024

Türkiye's LPG production up 15% in December 2023

Yemeni Coast Guard intercepts oil tanker after ‘unauthorized’ delivery to Houthi-held port

Libya’s unity government dismantles cell behind drone attacks on vital energy facilities

Strait of Hormuz blockade brings energy crisis to Europe