Hormuz Strait disruption adds €10 bn to European fuel costs, Italy sees $1 bn hit

Giovanni Da Pozzo, president of Promos Italia, said the closure of the Strait of Hormuz is already affecting company accounts. He estimated that between March and June European businesses incurred about €10 billion in extra diesel and jet‑fuel costs, with Italy alone bearing more than €1 billion. Da Pozzo warned that continued instability would threaten small‑ and medium‑size enterprises across global supply chains that rely on energy, components, logistics and payments, and called for diversification of markets and suppliers.

Benjamin Jones, global head of research at Invesco, argued that the current Hormuz shock is not comparable to the 1973 oil crisis. He noted that oil now represents roughly 30 % of primary global energy (down from 44 % in 1973) and that the intensity of oil use in global GDP is about half of 1990 levels. Jones expects maritime traffic to recover between late Q2 and early Q3 2026, limiting long‑term economic damage, and said the world is more resilient to energy shocks than in past decades.