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Iran's potential closure of the Strait of Hormuz could disrupt 20% of global oil and gas production. The US responded by creating an insurance pool and noted the US Navy's destruction of 16 Iranian mine boats.

Greek shipowner George Prokopiou successfully sent five Suezmax oil tankers through the strait to Bahrain without issues, suggesting manageable risks. The EU plans to release 400 million barrels from strategic reserves to mitigate market impacts. Energy prices are expected to rise as Europe prepares for prolonged instability and infrastructure repairs in the region.