Europe Faces “Literal Hell” from Energy Price Surge—Serbia’s President
Vucic warned that import-dependent nations could face catastrophic consequences if the blockade continues. “We are entering an impossible situation. If this continues everyone in Europe will have a literal hell,” he said. “Unless the Strait of Hormuz is opened, oil prices will kill us all.” He added that Serbia is preparing fuel subsidies and is fortunate to hold significant reserves.
Thousands of commercial vessels are reportedly unable to transit the strait due to ongoing hostilities. Iranian forces have threatened attacks on any ship attempting passage and have already targeted several oil tankers. Ebrahim Jabari, a commander in Iran’s Revolutionary Guard Corps (IRGC), stated that Tehran intends to raise the cost of the attack for the US and its allies, warning that American dependence on regional oil will be severely disrupted.
In response, US President Donald Trump announced plans to offer insurance “at a very reasonable price” for ships and possibly provide naval escorts to secure passage through the Strait of Hormuz.
The crisis poses a significant risk to Europe, particularly because many nations have limited alternative supplies due to political decisions to reduce reliance on Russian energy and heavy dependence on LNG imports from countries such as Qatar. Gas reserves across the continent are already low; for example, Germany entered March with storage at only 27% of capacity, well below the 64% average for this time of year since 2023.
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