Amid escalating tensions due to the ongoing war in the Gulf, the article highlights the significant impact on oil transportation with 157 ships, including 98 oil tankers, halted in the Strait of Hormuz. The reduction in traffic, down from a daily average of 60 vessels to just two in the past 24 hours, has led to a surge in oil prices, peaking near $120 per barrel before stabilizing at lower rates. As of 9 PM Italian time, West Texas Intermediate crude was around $87, while Brent crude was at $92, reflecting the volatility instigated by the conflict.

The geopolitical landscape is further complicated by contrasting positions from global leaders. On one side, Russian President Vladimir Putin indicated a willingness to resume oil and gas supplies to Europe, which could potentially alleviate some pressure on European energy markets. On the other hand, U.S. President Donald Trump has proposed a "contingency plan" aimed at curtailing rising oil prices, signaling an immediate response from the U.S. to address the economic ramifications of the conflict and disruptions in oil supply chains.

As the situation unfolds, there is an urgent call for the European Union to implement emergency measures to mitigate the rising costs of energy that impact both economies and consumers. The article underscores the interconnectedness of global markets and the potential for political actions to result in significant shifts in energy policy and pricing mechanisms as the crisis develops in the Gulf region.