Story perspectives

Hormuz Closure Boosts US Gas Prices, Triggers Global Energy Crunch

4/26/2026

Summary

Story summary

The Strait of Hormuz closure lifted U.S. gasoline prices by $1 per gallon and diesel by nearly 50 percent.
Around 20 percent of oil and LNG—over 80 percent to Asia—faces a squeeze, raising European gas 10 percent and sparking an energy crisis.
Policy responses include South Korea’s 100 GW renewable target by 2030, the EU’s security-measure framing of the transition, and President Donald Trump’s backing of fossil fuels while consumers favor electric vehicles and solar.

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Story summary

The Strait of Hormuz closure lifted U.S. gasoline prices by $1 per gallon and diesel by nearly 50 percent.
Around 20 percent of oil and LNG—over 80 percent to Asia—faces a squeeze, raising European gas 10 percent and sparking an energy crisis.
Policy responses include South Korea’s 100 GW renewable target by 2030, the EU’s security-measure framing of the transition, and President Donald Trump’s backing of fossil fuels while consumers favor electric vehicles and solar.