Iran is considering closing the Strait of Hormuz: Reports

Roughly 20 per cent of global oil and a significant portion of natural gas pass through the Strait. Europe imports oil and liquefied natural gas (LNG) from Gulf states--Saudi Arabia, Qatar, UAE-- much of which travels through the Strait. If Iran blocks it, global oil prices would spike, and Europe could face energy shortages, especially in countries dependent on Middle Eastern fuel, as per EuroNews.