President Aleksandar Vucic said the price shocks from suspending commercial traffic through the Strait of Hormuz “could kill us all”.
European countries are facing “literally hell” Serbian President Aleksandar Vučić said that fuel prices were rising due to the US-Israeli war with Iran.
Tehran’s retaliation to the regime-change military crackdown launched on Saturday has disrupted crude and liquefied natural gas (LNG) shipments through the Strait of Hormuz, a critical maritime choke point. With markets already in shock, Vucic warned on Tuesday that import-dependent nations are on the brink of a major crisis.
“We are entering an impossible situation. Everyone in Europe will literally be in hell if this continues.” He told journalists. “Unless the Strait of Hormuz is opened, oil prices will kill us all.” Vucic added that Belgrade is preparing to roll out fuel subsidies and is fortunate to have significant reserves.
Thousands of commercial ships are reportedly unable to navigate the strait due to the ongoing wars. Iranian forces have threatened to attack any vessel attempting to cross and have reportedly shot down several oil tankers.
Tehran aims to increase the cost of the attack to the US and its allies. “Americans with thousands of billions of dollars in debt depend on oil from the region, but they should know that not a drop of oil will reach them.” Commander of Iran’s Revolutionary Guard Corps (IRGC) Ibrahim Jabari told local media.
US President Donald Trump announced on Tuesday that Washington intends to provide insurance “At a very reasonable price” And perhaps a naval escort for ships passing through the Strait of Hormuz.
The unfolding energy crisis poses a global threat, with US allies in Europe particularly vulnerable to politically motivated rejection of Russian supplies and reliance on LNG imports, including from Qatar.
European gas reserves are largely depleted. Germany – the EU’s biggest consumer – started March with storage at 27% of capacity from 2023, compared with an average of 64% that year, according to industry data.
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